Question
You want to borrow $66,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,400, but no
| You want to borrow $66,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,400, but no more. |
| Required: |
| Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan?(Round your answer as directed, but do not use rounded numbers in intermediate calculations.Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) |
| Highest rate | % |
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Finance At 40 Financial Intelligence
Authors: MOIRA O'NEILL Moira O'Neill
1st Edition
1408101114, 978-1408101117
