Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. in december beth bought a boat for $100,000 &

In December Beth bought a boat for $100,000 & payed $16,000 down & agreed to pay...

50.1K

Verified Solution

Question

Finance

In December Beth bought a boat for $100,000 &payed $16,000 down & agreed to pay the balance In 5 equalannual installments that include both the principal & 9%interest on the declining balance. How big will the annual paymentsbe?

Beth bought the yacht for $100,000 & paid $16,000down, how much doe she need to borrow for her purchase of theyacht?

$__ (round to the nearest dollar)

Answer & Explanation Solved by verified expert
4.1 Ratings (487 Votes)
1 Annual payments be 21595 Working Note This sum can be calculated using time value of money concept using following formula Equated annual installment Loan amount PVIFAr n 84000    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

Why can steatorrhea be observed in patients with pancreatic insufficiency and patients with ileal resection (removal)?...

Accounting
1.2K views

What are the two basic methods of accounting for long-term construction contracts? Indicate the circumstances that...

Accounting
1.2K views

In January 2018, the Paper Division of Dunder Mifflin Inc. purchased a piece of property in...

Biology
1.2K views

4 points Change the view to a flat map and turn on the gridlines Click...

Biology
1.2K views

Write two other observations you got from looking at the Serengeti Google Map I CONCLUSION...

Physics
1.2K views

Marks 4 1 mass of M kg is suspended by a weightless string The horizontal...

Physics
1.2K views

charge Q is of opposite polarity to that of q 8 When no current passes...

Accounting
1.2K views

Budgetary Performance for Cost Center McCombs Company's costs were under budget by $34,700....

Accounting
1.2K views

Question You have been hired as the Controller...

Accounting
1.2K views

Please help me do this .. Marigold Corp. has decided to expand its...

Accounting
1.2K views

P9-63A Comprehensive budgeting problem - please show completed problem worked and formulas used

Finance
1.2K views

An investment project has annual cash inflows of $4,111, $3,478, $4,566, and $3,828 for the...