Question
You want to borrow $65,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,320, but no
You want to borrow $65,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,320, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 60-month loan?
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Contemporary Financial Management
Authors: R. Charles Moyer, James R. Mcguigan, William J. Kretlow
9th Edition
032416470X, 9780324164701
