You want to borrow $89,000 from your local bank to buy a new sailboat.

You want to borrow $89,000 from your local bank to buy a new sailboat.

You want to borrow $89,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,650, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 72-month loan?