How much highest rate can afford on APR loan

Reference no: EM131797604

Question: You want to borrow $98,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,100, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 54-month APR loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Reference no: EM131797604

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