Question
22. You want to borrow $36,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $750, but
22.
You want to borrow $36,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $750, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan?
Group of answer choices
8.90 percent
8.95 percent
9.00 percent
9.15 percent
9.20 percent
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Introduction To Finance Markets Investments And Financial Management
Authors: Ronald W. Melicher, Edgar A. Norton
14th Edition
0470561076, 9780470561072
