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You want to borrow $61,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,000, but no

You want to borrow $61,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,000, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 78-month APR loan?

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