Solution-Interest on the declining balance

Interest on the declining balance

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On December? 31, Beth Klemkosky bought a yacht for ?$70,000. She paid ?$20,000 down and agreed to pay the balance in 12 equal annual installments that include both the principal and 9 percent interest on the declining balance. How big will the annual payments? be?

A) On December? 31, Beth Klemkosky bought a yacht for ?$70,000 and paid ?$20,000 ?down, how much does she need to borrow to purchase the? yacht?

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Interest on the declining balance

Reference no: EM132596278

Reference no: EM132596278

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