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1. 2. Problem 6-41 Calculating Annuity Present Values (LO2] You want to borrow $93,000 from your local bank to buy a new sailboat. You can
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Problem 6-41 Calculating Annuity Present Values (LO2] You want to borrow $93,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,850, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Interest rate % Problem 6-8 Calculating Annuity Values (LO1] You want to have $72,000 in your savings account 13 years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the account pays 7.30 percent interest, what amount must you deposit each year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Annual depositStep by Step Solution
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