Problem
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 $10,000 more than it makes and it does this for eight consecutive years. If this debt will be financed at an interest rate of 15% per year, what annual repayment will be required to repay the debt over a 10-year period (repayments will start at EOY 9)?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.