Warning: 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. You borrow $21,000 with a term of two years at an APR of 5%. Use the Estimation Rule for Short-Term Loans to estimate your monthly payment. (Round your answer to the nearest cent.) $ Compare this estimate with what the monthly payment formula gives. The actual monthly payment is about $46 less than the estimated payment.The actual monthly payment is equal to the estimated payment. The actual monthly payment is about $46 greater than the estimated payment
Warning: 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. You borrow $21,000 with a term of two years at an APR of 5%. Use the Estimation Rule for Short-Term Loans to estimate your monthly payment. (Round your answer to the nearest cent.) $ Compare this estimate with what the monthly payment formula gives. The actual monthly payment is about $46 less than the estimated payment.The actual monthly payment is equal to the estimated payment. The actual monthly payment is about $46 greater than the estimated payment
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Warning: 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.
You borrow $21,000 with a term of two years at an APR of 5%. Use the Estimation Rule for Short-Term Loans to estimate your monthly payment. (Round your answer to the nearest cent.)
$
Compare this estimate with what the monthly payment formula gives.
The actual monthly payment is about $46 less than the estimated payment.The actual monthly payment is equal to the estimated payment. The actual monthly payment is about $46 greater than the estimated payment
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