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Calculating Annuity Present Values You want to borrow $ 3 2 , 0 0 0 . 0 0 from your local bank to buy a

Calculating Annuity Present Values

You want to borrow $ $32, 000.00$ from your local bank to buy a new sailboat. You can afford to make monthly payments of $ $550.00,$ but no more. Assuming monthly compounding, what is the highest APR you can afford on a $72$ month loan?

$%$ Points: $10$

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Calculating Annuity Present Values You want to borrow $ 3 2 , 0 0 0 . 0 0 from your local bank to buy a

Calculating Annuity Present Values You want to borrow $32,000.00 from your local bank to buy a new sailboat. You can afford to make monthly payments of $550.00, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 72 month loan? % Points: 10

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Calculating Annuity Present Values

You want to borrow $ $32, 000.00$ from your local bank to buy a new sailboat. You can afford to make monthly payments of $ $550.00,$ but no more. Assuming monthly compounding, what is the highest APR you can afford on a $72$ month loan?

$%$ Points: $10$