You want to borrow $98,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,100, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 54-month APR loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Ans 6.54%
P = | Regular Payments |
PV = | Loan Amount |
r = | rate of interest |
n = | no of periods |
P = | r (PV) |
1 - (1 + r )-n | |
2100 = | (r%/12)*98000 |
1 - (1 / (1 + r%/12)^54)) | |
2100 / 98000 = | (r%/12) |
1 - (1 / (1 + r%/12)^54)) | |
0.0214285714285714 = | (r%/12) |
1 - (1 / (1 + r%/12)^54)) | |
r = | 6.54% |
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