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You want to borrow $70,000 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 $70,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,400, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-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
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
978-1259722653
