Question
You want to borrow $80,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,650, but no
You want to borrow $80,000 from
your local bank to buy a new sailboat. You can afford to make monthly
payments of $1,650, but no more. Assuming monthly compounding, what is
the highest rate you can afford on a 60-month APR loan?
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
11th edition
134141083, 978-0134141084
