Question: PLEASE PUT EXCEL FORMULAS IN WHEN CALCULATING YOUR ANSWERS: You want to borrow $89,000 from your local bank to buy a new sailboat. You can

PLEASE PUT EXCEL FORMULAS IN WHEN CALCULATING YOUR ANSWERS:

PLEASE PUT EXCEL FORMULAS IN WHEN CALCULATING YOUR ANSWERS: You want to

You want to borrow $89,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,850, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan? $ $ 89,000 1,850 Price of sailboat Monthly payment Months for loan Months per year 60 Complete the following analysis. Do not hard code values in your calculations. Monthly rate APR

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