A loan of 32000 is to be repaid by the sinking fund method, Ask an Expert

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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 effective 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.

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Category:- Basic Finance
Reference No.:- M9869279

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