You want to borrow $62,000 from your local bank to buy a new sailboat. You can a

Q: You want to borrow $62,000 from your local bank to buy a new sailboat. You can a

PV= 62000; n= 60; PMT= -1300; FV=0; Solve I: 0.5 x 12 months = 6% APR

ID: 2714879 • Letter: Y

Question

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? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

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.

Explanation / Answer

PV= 62000; n= 60; PMT= -1300; FV=0; Solve I: 0.5 x 12 months = 6% APR

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You want to borrow $62,000 from your local bank to buy a new sailboat. You can a

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