How much does she need to borrow to purchase yacht

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Reference no: EM131924030

(Loan amortization) On December 31, Beth Klemkosky bought a yacht for $80,000. She paid $12,000 down and agreed to pay the balance in 8 equal annual installments that include both the principal and 11 percent interest on the declining balance. How big will the annual payments be?

a. On December 31, Beth Klemkosky bought a yacht for $80,000 and paid $12,000 down, how much does she need to borrow to purchase the yacht?

$__ (Round to the nearest dollar.)

Reference no: EM131924030

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