Solution-Determine How big will the annual payments be

Determine How big will the annual payments be

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Problem 1: On December 31, Beth Klemkosky bought a yacht for $100,000. She paid $20,000 down and agreed to pay the balance in 10 equal annual installments that include both the principal and 11 percent interest on the declining balance. How big will the annual payments be?

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Determine How big will the annual payments be

Reference no: EM132718291

Reference no: EM132718291

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