Find how much does need to borrow to purchase the? yacht

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Problem 1: On December? 31, Beth Klemkosky bought a yacht for ?$70,000. She paid ?$20,000 down and agreed to pay the balance in 9 equal annual installments that include both the principal and 9 percent interest on the declining balance. How big will the annual payments? be?

Problem 2: On December? 31, Beth Klemkosky bought a yacht for ?$70,000 and paid ?$20,000 ?down, how much does she need to borrow to purchase the? yacht? (Round to the nearest? dollar.)

Problem 3: If Beth agrees to pay the loan plus 9 percent compound interest on the unpaid balance over the next 9 years in 9 equal? end-of-year payments, what will those equal payments? be?

Reference no: EM132825478

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