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 percent compound interest on the unpaid balance. What will be the amount of each payment?
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Introduction to Finance Markets, Investments and Financial Management
Authors: Ronald W. Melicher, Edgar A. Norton
16th edition
1119398282, 978-1-119-3211, 1119321115, 978-1119398288
