You want to borrow 47170 from your local bank to buy a new


You want to borrow $47,170 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,160, but no more. Assume monthly compounding. What is the highest rate you can afford on a 48-month APR loan?

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Finance Basics: You want to borrow 47170 from your local bank to buy a new
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