Calculating Annuity Present Values You want to borrow $55,000 from your local bank to buy a new

Question:

Calculating Annuity Present Values You want to borrow $55,000 from your local bank to buy a new sailboat, you can afford to make monthly payments of $1,120, but no more. Assuming monthly compounding, what is the highest rate you can afford on a, 60-month APR loan?

Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...