Calculation of monthly interest rates is discouraged

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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.

Assume that you take out a $8000 loan for 25 months at 7.5% APR. How much total interest will you have paid at the end of the 25 months? (Round your answer to the nearest cent.)

Reference no: EM131999872

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