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LOAN AMORTIZATION You went to buy a boat and indicated the monthly payment you could afford was $1,000. The sales representative had the perfect boat

LOAN AMORTIZATION You went to buy a boat and indicated the monthly payment you could afford was $1,000. The sales representative had the perfect boat and you agreed to purchase the boat for $75,000. You needed to put down 10% and financed the rest for 10 years (120 months). What is the interest rate charged on the loan? In one sentence was the perfect boat a good deal?

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