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

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?

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