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....

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.


Assume that you take out a $4000 loan for 30 months at 8% APR. How much of the first month's payment is interest? (Round your answer to the nearest cent.)
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