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FIN -320-T2748-1?EW2-Colllns Homework

FIN -320-T2748-1?EW2-Colllns Homework: 6-1 MyFinanceLab Assignment Score: 0.5 of 1 pt 1 a of 12 (5 complete] v p H“! Score: 25%, 3 cf 12 pts @ P6-17 (similar to) {Related to Checkpoint 6.1) (Lean amortization] On December 31, Beth Klemkosky bought a yacht for STU.000. She paid $12,000 down and agreed to pay the
balance in 6 equal annual installments that include both the principal and 11 percent interest on the declining balance. How big will the annual payments be? 5 Question Help fi on a. On December 31, Beth Klemkosky bought a yacht for $?0.000 and paid $12,000 down. how much does she need to borrow to purchase the yacht?
$ 58000 (Round to the nearest dellan} b. If Beth agrees to pay the loan plus 11 percent compound interest on the unpaid balance ever the next 6 years in 6 equal end—of—year payments, what will those
equal payments be? 35 {Round to the nearest cent} Enter your answer in the answer box and then click Check Answer. 6’“

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