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.)
1250 is not the correct answer