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You want to borrow 62000 from your local bank to buy a new

You want to borrow $62,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,300, but no more.

Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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Accounting Basics: You want to borrow 62000 from your local bank to buy a new

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