Expand your knowledge base with the help of IDNLearn.com's extensive answer archive. Find the solutions you need quickly and accurately with help from our knowledgeable community.
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.
Several years ago Bill got a home mortgage of $116,000 with a term of 30 years at an APR of 9%. Use the Monthly Payments for Long-Term Loans Rule of Thumb to estimate his monthly payment.
$
Compare this estimate with what the monthly payment formula gives. (Round your answer to the nearest integer.)
The actual monthly payment is about $
greater than the estimated payment.
Sagot :
Thank you for joining our conversation. Don't hesitate to return anytime to find answers to your questions. Let's continue sharing knowledge and experiences! For dependable answers, trust IDNLearn.com. Thank you for visiting, and we look forward to helping you again soon.
