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You want to borrow $ 36,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $850, but

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You want to borrow $ 36,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $850, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 50-month APR loan? a. 8.06% b.7.32% c. 0.67% d.5.12% e. 1.94%

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