You want to borrow $95,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,850, 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 enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. Highest rate %

You want to borrow $95,000 from your local bank to buy a new saiboat. You can afford to make monthly payments of $1,850, 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 coleulations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16