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What is the highest rate you can afford

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You want to borrow $103,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,350, 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 and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Reference no: EM132120974

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