On December 31, Son-Nan Chen borrowed $100,000, agreeing to repay this sum in 20 equal annual installments

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On December 31, Son-Nan Chen borrowed $100,000, agreeing to repay this sum in 20 equal annual installments that include both principal and 15 percent interest on the declining balance. How large will the annual payments be?

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Financial Management Principles and Applications

ISBN: 978-0133423822

12th edition

Authors: Sheridan Titman, Arthur Keown, John Martin

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Question Posted: Oct 31, 2014 07:26 AM

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On December 31, Son-Nan Chen borrowed $100,000, agreeing to repay this sum in 20 equal annual installments

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Financial Management Principles and Applications

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