You Want to Borrow $3,600 for 36 Months and Can

question 88

Multiple Choice

You want to borrow $3,600 for 36 months and can afford monthly payments of $110, but no more.Assuming monthly compounding, what is the highest APR rate you can afford?

• A)5.45 percent
• B)5.84 percent
• C)6.29 percent
• D)5.78 percent
• E)6.68 percent