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You want to borrow $95000 from your local bank to buy a new sailboat You can afford to make monthly payments of $1950 but no more Assuming monthly compounding what is the highest rate

You want to borrow $95,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,950, but no more. Assuming monthly compounding, what is the highest rate youcan afford on a 60-month APR loan? ~ How would this be solved using a financial calculator, as I understand it can’t be solved by using algebra.2)You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 30-year mortgage loan for 80 percent of the $3,400,000 purchase price. The monthly payment on this loan will be $17,500. What is the APR on this loan? The EAR? ~ Same as above using a financial calculator

 

Apr 30 2020 View more View Less

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