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12. You want to borrow $44,965 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,140, but no more. Assuming monthly compounding, the highest rate you can afford on a 48-month APR loan is percent. (Do not include the percent sign (%). Round your answer to 2 decimal places. (e.g., 32.16))

12. You want to borrow $44,965 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,140, but no more. Assuming monthly compounding, the highest rate you can afford on a 48-month APR loan is percent. (Do not include the percent sign (%). Round your answer to 2 decimal places. (e.g., 32.16))

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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12. You want to borrow $44,965 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,140, but no more. Assuming monthly compounding, the highest rate you can afford on a 48-month APR loan is percent. (Do not include the percent sign (%). Round your answer to 2 decimal places. (e.g., 32.16))
Transcribed Image Text:12. You want to borrow $44,965 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,140, but no more. Assuming monthly compounding, the highest rate you can afford on a 48-month APR loan is percent. (Do not include the percent sign (%). Round your answer to 2 decimal places. (e.g., 32.16))
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