In recent years the united states has gone from being a, Financial Management

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In recent years the united states has gone from being a

In recent? years, the United States has gone from being a? "positive savings" nation to a? "negative savings" nation? (i.e., we spend more money than we? earn). Suppose a typical American household spends ?$14,000 more than it makes and it does this for eight consecutive years. If this debt will be financed at an interest rate of fixed 12?% per? year, what annual repayment will be required to repay the debt over a 99?-year period? (repayments will start at EOY 99?)?

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