The calculated monthly payment on a loan amortized over 10 years is rounded down by 0.3 cents
Question:
a. Will the adjusted final payment be more than or less than the regular payment?
b. Will the difference between the regular and the final payment be (pick one):
(i) More than
(ii) Less than or
(iii) Equal to 0.3 cents × 120 = 36 cents? Explain.
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a Each regular payment represents an underpayment of ...View the full answer
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