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On December 31, Beth Klemkosky bought a yacht for $50,000, paying $10,000 down and agreeing to paythe balance in 10 equal end of year installments

On December 31, Beth Klemkosky bought a yacht for $50,000, paying $10,000 down and agreeing to paythe balance in 10 equal end of year installments and 10 percent interest on the declining balance. How big would the annual payments be?

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