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What is the highest rate can afford on a month apr loan

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Reference no: EM132664717

Problem 1: You want to borrow $86,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,500, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 72-month APR loan?

Reference no: EM132664717

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