You want to borrow $40,000 from your local bank to buy a new sailboat. You can afford
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You want to borrow $40,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $825, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan?
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Related Book For
Fundamentals Of Corporate Finance
ISBN: 9780072553079
6th Edition
Authors: Stephen A. Ross, Randolph Westerfield, Bradford D. Jordan
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