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. You can get a car loan with a term of three years at an APR of 5%. If you can afford a monthly payment of $450, how much can you borrow? (Round your answer to the nearest cent.)
$

15014.57

Step-by-step explanation:

effective rate: .05/12= .004166667

$5.41

step-by-step explanation:

$20 - $14.51 = $5.49.

if gloria has "carry over" minutes, (that is, any minutes paid for but not used in a month can be applied to her payment for minutes in the next month,) her total usage for the three months is: total minutes = 320 + 243 + 489 = 1052 minutes number of 200 minute blocks = 1052/200 = 5 r52 (that is 5 with a remainder of 52) rounding up the number of 200 minute blocks gives her usage for the three months as 6 blocks. the cost for six blocks is 6 x $25 = $150 she also has 200 - 52 or 148 carry over minutes if gloria pays each month and unused minutes are lost, applying the rounding up procedure to each month gives: first month usage of 320 minutes rounds up to 2 blocks of 200 minutes for a payment of 2 x $25 = $50 second month usage of 243 minutes rounds up to 2 blocks of 200 minutes for a payment of 2 x $25 = $50 third month usage of 489 minutes rounds up to 3 blocks of 200 minutes for a payment of 3 x $25 = $75 total payments for the three months are $50 + $50 + $75 = $175 get the plan with carry over minutes!