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A homebuyer wishes to finance the purchase with a $95000 mortgage with a 20-year term. What is the maximum interest rate the buyer can afford

A homebuyer wishes to finance the purchase with a $95000 mortgage with a 20-year term. What is the maximum interest rate the buyer can afford if the monthly payment is not to exceed $800?

Express your answer as a percentage. Carry out all calculations exactly and round the final answer to two decimal places.

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