You want to borrow $96,000 from your local bank to buy a new sailboat. You can afford

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You want to borrow $96,000 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 APR you can afford on a 60-month loan?

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Corporate Finance

ISBN: 978-0077861759

11th edition

Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan

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Question Posted: Jun 22, 2017 09:51 AM

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You want to borrow $96,000 from your local bank to buy a new sailboat. You can afford

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