Question: You want to borrow $ 9 5 , 0 0 0 from your local bank to buy a new sailboat. You can afford to make

You want to borrow $95,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,950, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan?

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