Mathematics, 26.06.2021 18:50 coltonwsmith
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.
To buy a car, you borrow $27,000 with a term of five years at an APR of 6%. What is your monthly payment? (Round your answer to the nearest cent.)
$
How much total interest is paid? (Round your answer to the nearest cent.)
$
Answers: 2
![\frac{a}{\frac{{[(1+r)^n]-1}}{[r(1+r)^n]}} = P](/tpl/images/1384/5340/6c011.png)
= P![\frac{27000}{\frac{{[(1+0.005)^{60}]-1}}{[0.005(1+0.005)^{60}]}} = P](/tpl/images/1384/5340/b6c26.png)
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Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answ...
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