5. I DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For...

Extracted text: 5. I DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER 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. Use this Monthly Payments for Short-Term Loans Rule of Thumb to estimate the monthly payment on a loan of $5500 borrowed over a five-year period. (Round your answer to the nearest cent.) The monthly payment is at least $ ebook 6. E DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER 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. Use this Monthly Payments for Long-Term Loans Rule of Thumb to estimate the monthly payment on a loan of $300,000 at an APR of 6% over a period of 24 years. The monthly payment is at least $ eflook