The following equation is used to compute monthly payments on a mort- gage: P A = (1- (1+ i)") Where A is the total mortgage amount, P is the monthly payment, i is the monthly interest rate, and n is the number of months. Suppose that a client wants an $800,000.00 mortgage to be paid in 30 years but he can pay no more than $7,000.00 each month. What is the highest monthly interest rate that he would be able to pay?

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