You want to borrow $38,400 and can afford monthly payments of $960 for 48 months, but no

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You want to borrow $38,400 and can afford monthly payments of $960 for 48 months, but no more. Assume monthly compounding. What is the highest APR rate you can afford? Use financial calculator.

A. 9.24 percent

B. 8.67 percent

C. 8.82 percent

D. 9.01 percent

E. 9.18 percent

Related Book For answer-question

Financial Management Core Concepts

ISBN: 978-0132671033

2nd edition

Authors: Raymond M Brooks

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Posted Date: Oct 08, 2018 12:23 AM

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You want to borrow $38,400 and can afford monthly payments of $960 for 48 months, but no

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Financial Management Core Concepts

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