[Solved] You want to borrow $ 8 5 , 0 0 0 from you

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You want to borrow $ 8 5 , 0 0 0 from your local bank to buy a new sailboat. You can afford to make

You want to borrow $

85, 000

from your local bank to buy a new

sailboat. You can afford to make monthly payments of $

1, 800,

but

no more. Assuming monthly compounding, what is the highest rate

you can afford on a

60 -

month APR loan?

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