Suppose that, in the problem above,

$1,250

was the maximum monthly payment that Tom could afford. What interest rate (to the nearest tenth of a percent) must Tom obtain to keep his payments at

$1,250

per month? Assume that he wishes to keep the loan amount and term the same. (enter as a % with no % sign)\ Type your numeric answer and submit

Suppose that, in the problem above, $1,250 was the maximum monthly payment that Tom could afford. What interest rate (to the nearest tenth of a percent) must Tom obtain to keep his payments at $1,250 per month? Assume that he wishes to keep the loan amount and term the same. (enter as a \% with no \% sign) Type your numeric answer and submit