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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 $110,000. She paid $16,000 down and agreed to pay the balance in 14 equal annual installments that include both the principal and 9 percent interest on the declining balance. How big will the annual payments be?

On December 31, Beth Klemkosky bought a yacht for $110,000 and paid $16,000 ?down, how much does she need to borrow to purchase the yacht?

Reference no: EM132846441

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