Question
You purchase a boat for $35,000 and pay $5,000 down. You also agree to pay the rest over the next 10 years in 10 equal
You purchase a boat for $35,000 and pay $5,000 down. You also agree to pay the rest over the next 10 years in 10 equal end-of-the-year payments plus 13% compound interest on the unpaid balance. What is the amount of each payment? What is the formula that I would use to find this answer?
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Financial Management Principles and Application
Authors: Arthur J. Keown, J. William Petty, David F. Scott, Jr.
10th edition
536514119, 536514110, 978-0536514110
