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You want to borrow $69,200 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,460, but no

You want to borrow $69,200 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,460, but no more. Assuming monthly compounding, what is the highest rate per year you can afford on a 78-month loan?

16.05%

9.65%

10.12%

16.71%

10.61%

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