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You want to borrow 32000 from your local bank to buy a new

Calculating Annuity Present Values

You want to borrow $32,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $550, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 72 month loan?

Interest Rate: ____________%

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Finance Basics: You want to borrow 32000 from your local bank to buy a new

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