You want to borrow $88,000 from your local bank to buy a new sailboat. You can afford

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You want to borrow $88,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,725, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 60-month loan?

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Corporate Finance

ISBN: 978-1259918940

12th edition

Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan

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Question Posted: Dec 05, 2019 07:38 AM

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You want to borrow $88,000 from your local bank to buy a new sailboat. You can afford

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Corporate Finance

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