What is the highest rate you can afford on a 60-month apr


You want to borrow $74,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,500, but no more. Required: Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan?

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Financial Management: What is the highest rate you can afford on a 60-month apr
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