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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.
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 :
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