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 end-of-the-year
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?
PV ($552,592) is $552,592 correct?
FV 30,000
N 10
I 13%
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Principles of Managerial Finance
Authors: Chad J. Zutter, Scott B. Smart
15th edition
013447631X, 134476315, 9780134478197 , 978-0134476315
