You want to borrow $95,000 from your local bank to buy a new sailboat. You can afford

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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?

8.You have decided to purchase a new house at the seaside. To finance the purchase, you have arranged for a 30-year mortgage loan for 80 percent of the $3,500,000 purchase price. The monthly payment on this loan will be $17,500. What is the APR on this loan? The EAR?

Posted Date: May 19, 2024 11:05 AM

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You want to borrow $95,000 from your local bank to buy a new sailboat. You can afford

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