You Want to Borrow $47,170 from Your Local Bank to Buy

question 100

Multiple Choice

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

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Skin Test

A medical test where a small amount of substance is placed on or under the skin to check for an allergic reaction or disease.

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The common amount of a medication recommended for administration under normal circumstances.

Intramuscular Injection

A method of administering medication deep into the muscles, allowing the drug to be absorbed into the bloodstream quickly.