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  3. You want to borrow $ 65,000 from your local bank

You want to borrow $ 65,000 from your local bank

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You want to borrow $ 65,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $ 1,320, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 60-month loan?

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Corporate Finance

Corporate Finance

10th edition

Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe

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