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Percent compound interest on the unpaid balance

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On December? 31, Beth Klemkosky bought a yacht for ?$100,000. She paid $20,000 down and agreed to pay the balance in 5 equal annual installments that include both the principal and 7 percent interest on the declining balance.

If Beth agrees to pay the loan plus 7 percent compound interest on the unpaid balance over the next 5 years in 5 equal? end-of-year payments, what will those equal payments? be?

?(Round to the nearest? cent.)

Reference no: EM132382966

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