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Posted on Jul 30, 2024

You want to borrow $ 6 5 , 0 0 0 form the bank to buy a new sailboat. You can afford to make monthly

You want to borrow $

65, 000

form the bank to buy a new sailboat.

You can afford to make monthly payments of $

1, 320,

but no more.

Assume monthly compounding. what is the highest APR you can afford on a

60 -

month loan?

If the actual APR is

9 %,

what is extra monthly payment?

(

Round to two decimal points

)

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Foundations Of Personal Finance

Authors: Sally R. Campbell, Robert L. Dansby

9th Edition

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