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How big will the annual payments? be

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Problem 1: On December? 31, Beth Klemkosky bought a yacht for ?$110,000. She paid ?$16,000 down and agreed to pay the balance in 14 equal annual installments that include both the principal and 9 percent interest on the declining balance. How big will the annual payments? be?

Problem 2: On December? 31, Beth Klemkosky bought a yacht for ?$110,000 and paid ?$16,000 ?down, how much does she need to borrow to purchase the? yacht?

Reference no: EM132794723

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