How much will you pay your friend each year

Reference no: EM13294296

You purchase a used car from a friend for $15,000, with $5,000 down. You worked out a deal with your friend to pay the balance off in five equal payments over the next 5 years, plus 10% compound interest on the unpaid balance at the end of each year. How much will you pay your friend each year?

Reference no: EM13294296

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