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You want to borrow $38,400 and can afford monthly payments of $960 for 48 months, but no more. Assume monthly compounding. What is the highest

You want to borrow $38,400 and can afford monthly payments of $960 for 48 months, but no more. Assume monthly compounding. What is the highest APR rate you can afford? Use financial calculator.

A. 9.24 percent

B. 8.67 percent

C. 8.82 percent

D. 9.01 percent

E. 9.18 percent

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