Rounding in the calculation of monthly interest rates is, Ask an Expert

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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.

You find that the going rate for a home mortgage with a term of 30 years is 5.5% APR. The lending agency says that based on your income, your monthly payment can be at most $740. How much can you borrow? (Round your answer to the nearest cent.)

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Financial Management, Finance

Category:- Financial Management
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