You want to borrow 67000 from your local bank to buy a new


Question - You want to borrow $67,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,300, but no more.

Required: Assuming monthly compounding, what is the highest rate you can afford on a 66-month APR loan?

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Accounting Basics: You want to borrow 67000 from your local bank to buy a new
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