Question
You want to borrow $105,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,450, but no
You want to borrow $105,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,450, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 54-month APR loan?
| Interest rate | % |
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Understanding The Finance Of Welfare
Authors: Howard Glennerster
2nd Edition
1847421091, 978-1847421098
