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julsineya [31]
3 years ago
13

Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those pre

sented here. For long-term loans, the differences may be pronounced.
Assume that you take out a $3000 loan for 30 months at 8.5% APR. What is the monthly payment? (Round your answer to the nearest cent.)
Mathematics
1 answer:
Stella [2.4K]3 years ago
5 0

Answer:

111.35

Step-by-step explanation:

effective rate: .085/12= .00708333333333

3000=x\frac{1-(1+.00708333333333)^{-30}}{.00708333333333}\\x=111.35

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