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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 7%.

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Monthly payment A = [ 1 ( 1 + r ) N ] r P = [ 1... View the full answer

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