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

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Question: On December? 31, Beth Klemkosky bought a yacht for ?$70,000. She paid ?$20,000 down and agreed to pay the balance in 14 equal annual installments that include both the principal and 15 percent interest on the declining balance. How big will the annual payments? be?

a. 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.

Reference no: EM132738335

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