You want to borrow $47,170 from your local bank to buy a new sailboat.You can afford to make monthly payments of $1,160,but no more.Assume monthly compounding.What is the highest rate you can afford on a 48-month APR loan?
A) 8.38 percent
B) 8.67 percent
C) 8.82 percent
D) 9.01 percent
E) 9.18 percent
Correct Answer:
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