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On December 31, Loren Billingsley bought a yacht for $50,000, paying $10,000 down and agreeing to pay the balance in 10 equal annual installments that

On December 31, Loren Billingsley bought a yacht for $50,000, paying $10,000 down and agreeing to pay the balance in 10 equal annual installments that includes both principal and 10% interest on declining balance. How big would the annual payments be?

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