you want to borrow $77,000 from your local bank to buy a new sailboat. you can afford to make monthly payments of $1300 but no more

Chapter 5) Saved Problem 5-40 Calculating Annuity Present Values (LO 2] 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? (Do not round intermediate calculations and and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Interest rate (Prev 6 of 10 arch DELL