Assume monthly compounding what is the highest rate you can


You want to borrow $58,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,200, but no more.

Required:

Assume monthly compounding, what is the highest rate you can afford on a 60-month APR loan?

 

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Finance Basics: Assume monthly compounding what is the highest rate you can
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