Question
You want to borrow $100,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,750, but no
You want to borrow $100,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,750, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 72-month APR loan?
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International Financial Management
Authors: Jeff Madura, Roland Fox
5th Edition
1473770505, 978-1473770508
