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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
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 45 months at 7.5% APR. How much total interest will you have paid at the end of the 45 months? (Round your answer to the nearest cent.) $
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