Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. rounding in the calculation of monthly interest ra

Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to...

80.2K

Verified Solution

Question

Basic Math

image

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. Assume that you take out a $2000 loan for 30 months at 8% APR. What is the monthly payment? (Round your answer to the nearest cent.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

On March 1, 2017, the Company entered into an agreement with acustomer, Thornock Square...

Accounting
Q

What is the purpose of the alternative minimum tax and who paysit? How was...

Accounting
Q

1. At 25°C, 298.25 mL of an aqueous solution of NiCl2 with a molar analytical concentration...

Chemistry
Q

what the impact of a specific technology on auditing. Provide a description of the technology, an...

Accounting
Q

Irwin, Inc., constructed a machine at a total cost of $23 million. Construction was completed at...

Accounting
Q

Be sure to fully justify your responses when appropriate Round probabilities to 4 decimal points...

Basic Math
Q

Find the area between the curves y = e^ -0.1x and y = 1.2x +...

Calculus
Q

ind the volume of the sphere shown to the right Give an answer in terms...

Algebra
Q

Q.2: The main influences on selling plans that change supply are: A. Prices of related...

Accounting
Q

Equipment was acquired at the beginning of the year at a cost of $280,000. The...

Accounting
Q

Suhami Chadhuri has a one-sixth interest in a partnership. She sold five-ninths of her interest...

Finance
Q

The dividends of a share will be increased by 25% annually for the next two...

Finance