What is the highest rate you can afford

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Reference no: EM131607997

You want to borrow $64,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,100, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 72-month APR loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Highest rate %

Reference no: EM131607997

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