Question
You want to borrow $75,000 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 $75,000 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 66-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).) |
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Advanced Bond Portfolio Management
Authors: Frank J. Fabozzi, Lionel Martellini, Philippe Priaulet
1st Edition
0471678902, 9780471678908
