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7. You want to borrow $59,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,100, but

7. You want to borrow $59,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,100, but no more.

Required: Assuming monthly compounding, what is the highest rate you can afford on a 66-month APR loan?

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