Business, 18.03.2021 01:40 littlequeenashley

You want to borrow $101,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,250, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 54-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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You want to borrow $101,000 from your local bank to buy a new sailboat. You can afford to make month...

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