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Annual installments that include both the principal

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On December 31, Beth Klemkosky bought a yacht for $120,000. She paid $20,000 down and agreed to pay the balance in 11 equal annual installments that include both the principal and 6 percent interest on the declining balance. How big will the annual payments be? On December 31, Beth Klemkosky bought a yacht for $120,000and paid $20,000down, how much does she need to borrow to purchase the yacht?

Reference no: EM131402362

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