Problemyou want to borrow 75000 from your local bank to buy, Ask an Expert

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Problem:

You want to borrow $75,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,475 but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60 month APR loan? Explain in detail and provide all computation and formulas.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91145808

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