On April 1 st , you will buy a boat for $500,000. You will pay $200,000 in cash at the time of purchase and borrow
On April 1st, you will buy a boat for $500,000. You will pay $200,000 in cash at the time of purchase and borrow the remaining amount from the bank. This loan will be paid in four equal annual installments that include both the principal and 10 percent interest on the declining balance.
what would bethe amount of interest that is included in the first payment?
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Authors: James R Mcguigan, R Charles Moyer, William J Kretlow
10th Edition
978-0324289114, 0324289111
