Determine the amount of the annual payment

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On June 1st, Wilkins bought a boat for 200,000. He paid 50,000 in cash at the time of the purchase and agreed to pay the balance in four equal annual installments that include both the principal and 10 percent interest on the declining balance.

Determine the amount of the annual payment

Determine the total dollars of interest that Wilkins will pay for this loan

Determine the amount of interest that is included in the first payment.

Reference no: EM132629217

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