You want to borrow $69,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,200, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 78-month APR loan? Note: Do not round intermediate calculations and and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. Interest rate %

You want to borrow $69,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,200, but no more. Assuming monthly compounding, whot is the highest rate you can afford on a 78-month APR loan? Note: Do not round intermediate calculations and and enter your answer as a percent rounded to 2 decimal places, e.9., 32.16