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ASHA 777 [7]
3 years ago
10

A loan of $32,000 is to be repaid by the sinking fund method with annual payments. Interest on the loan is paid at a 6% annual e

ffective rate of interest, and the sinking fund earns 4% annual effective interest. The total annual payments will be level at $3,300 until a final smaller annual payment suffices to pay off the loan. Find the amount of the final sinking fund deposit.
Business
1 answer:
Otrada [13]3 years ago
6 0

Answer:

The answer is $677.43

Explanation:

The file attached is a word document that explains the problem in details. Thank you and i hope it helps you

Download docx
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