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Problem 6-41 Calculating Annuity Present Values (LO2] You want to borrow $93,000 from your local bank to buy a new sailboat. You can afford to

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Problem 6-41 Calculating Annuity Present Values (LO2] You want to borrow $93,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,850, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Interest rate 2

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