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You want to borrow $105,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,450, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 54-month APR loan?

Respuesta :

Answer:

APR = 10.54%

Explanation:

given data

loan amount PV = $105,000

payments per period PMT = $2,450

no of payment period NPER  = 54 month

to find out

highest rate

solution

we get here annual interest that is get by excel formula that is

APR = rate(nper,pmt,-pv,,)× 12       .................................1

APR = rate(54,2450,105000) × 12

we get APR

APR = 10.54%

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