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What is the highest rate you can afford

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Reference no: EM132130285

Question - You want to borrow $67,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,300, but no more.

Required: Assuming monthly compounding, what is the highest rate you can afford on a 66-month APR loan?

Reference no: EM132130285

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What is the highest rate you can afford : You want to borrow $67,000 from your local bank to buy a new sailboat. Assuming monthly compounding, what is highest rate you can afford on a 66-month APR loan
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