Problem $4-37$ Calculating Annuity Present Values

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

to make monthly payments of $$1,600,$ but no more. Assuming monthly compounding,

what is the highest APR you can afford on a $72-$month loan? $($Do not round Intermedlate

calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,$

$32\mathrm{.}16.)$

Interest rate