Question: ASK YOUR TEACHER PRACTICE ANOTHER Warning: Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those

ASK YOUR TEACHER PRACTICE ANOTHER Warning: Rounding in the calculation of

ASK YOUR TEACHER PRACTICE ANOTHER Warning: Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced. 3. [-I1 Points] Use the Estimation Rule for Short-Term Loans to estimate the monthly payment on a loan of $5000 borrowed over a three-year period. (Round your answer to the nearest cent.) The monthly payment is at least $

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