You want to borrow $27,500 and can afford monthly payments of $650 for 48 months, but no more. Assume monthly compounding. What is the highest APR rate you can afford?
A) 6.33 percent
B) 6.67 percent
C) 5.82 percent
D) 7.01 percent
E) 7.18 percent
Correct Answer:
Verified
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