Rounding in the calculation of monthly interest rates is

Last updated: 8/11/2022

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 $2000 loan for 30 months at 8% APR. What is the monthly payment? (Round your answer to the nearest cent.)