Question: please help. thank you 2.50 points Problem 5-40 Calculating Annuity Present Values LO 2] You want to borrow $70,000 from your local bank to buy

please help. thank you

2.50 points Problem 5-40 Calculating Annuity Present Values LO 2] You want to borrow $70,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,400, but no more. Required: Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Highest rate

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