How much does beth need to borrow to purchase the yacht

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On December 31, Beth Klemkosky bought a yacht for $110,000 and paid $14,000 down and agreed to pay the balalnce in 9 equal annual installments that include both the principal and 8 percent interest on the declining balance. How big will the annual payments be? how much does she need to borrow to purchase the yacht?

Reference no: EM13328480

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