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Calculating the annuity present values

Calculating Annuity Present Values.

Response to the following problem:

You want to borrow $75 000 from your local bank to buy a new yacht. You can afford to make monthly payments of $1600, but no more. Assuming monthly compounding, what is the highest rate you can afford on a sixty-month APR loan?

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Financial Accounting: Calculating the annuity present values

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Financial Accounting: Calculating the annuity present values

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