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Time left 0:44 You want to borrow $40,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of

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Time left 0:44 You want to borrow $40,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,000, but no more. Assume monthly compounding. What is the highest APR you can afford on a 4-year loan? Select one: a 9.24 percent b. 8.67 percent OC 13.18 percent d. 15,25 percent le 12.59 percent

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