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Assignment on loan amortization

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Reference no: EM132814036

(Loan amortization)

On December? 31, Beth Klemkosky bought a yacht for ?$60,000.

She paid ?$10,000 down and agreed to pay the balance in 9 equal annual installments that include both the principal and 7 percent interest on the declining balance.

How big will the annual payments? be?

How much does she need to borrow to purchase the? yacht?

Reference no: EM132814036

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