part A ) 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 27 years.

The monthly payment is at least $

Part B) 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. To buy a car, you borrow $29,000 with a term of five years at an APR of 8%. What is your monthly payment? (Round your answer to the nearest cent.) $ How much total interest is paid? (Round your answer to the nearest cent.)