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makkiz [27]
3 years ago
15

Lee associates borrowed $60,000. The company plans to set up a sinking fund that will pay back the loan at the end of 12 years.

Assuming a rate of 8% compounded semiannually, the amount to be paid into the fund each period is?
Mathematics
1 answer:
erma4kov [3.2K]3 years ago
7 0
If your choices are the following:
A.<span> $1,350
B. $1,536
</span>C.<span> $1,653
</span>D.<span> $5,163
</span>E.<span> None of these
</span>
Then the answer is B. $1,536.

Solution:
<span>$60,000 x .0256
</span>=<span>1,536</span>
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