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You want to borrow $87,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,550, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 72-month APR loan? (Round your answer to 2 decimal places. (e.g., 32.16))

Interest rate %

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Financial Management, Finance

Category:- Financial Management
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