Computing the loan amortization

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?(Loan amortization) On December? 31, Beth Klemkosky bought a yacht for ?$60,000. She paid ?$18,000 down and agreed to pay the balance in 15 equal annual installments that include both the principal and 6 percent interest on the declining balance. How big will the annual payments? be?

a. On December? 31, Beth Klemkosky bought a yacht for ?$60,000 and paid ?$18,000 ?down, how much does she need to borrow to purchase the? yacht? ?$ ?(Round to the nearest? dollar.)

Reference no: EM132491760

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