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You want to borrow $ 7 7 , 0 0 0 from your local bank to buy a new sailboat. You can afford to make

You want to borrow $

77, 000

from your local bank to buy a new sailboat. You can afford to make monthly payments of $

1, 300,

but no more. Assuming monthly compounding, what is the highest rate you can afford on a

78 -

month APR loan?

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