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In December Beth bought a boat for $100,000 & payed $16,000 down & agreed to pay...

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Finance

In December Beth bought a boat for $100,000 &payed $16,000 down & agreed to pay the balance In 5 equalannual installments that include both the principal & 9%interest on the declining balance. How big will the annual paymentsbe?

Beth bought the yacht for $100,000 & paid $16,000down, how much doe she need to borrow for her purchase of theyacht?

$__ (round to the nearest dollar)

Answer & Explanation Solved by verified expert
4.1 Ratings (487 Votes)
1 Annual payments be 21595 Working Note This sum can be calculated using time value of money concept using following formula Equated annual installment Loan amount PVIFAr n 84000    See Answer
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