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Adams borrows $2,000 for 8years at the annual effective rate of 6%. Adams repays the load using sinking fund that pays an annual effective rate of 8%.

i) How much is the sinking fund payment?

ii) how much does Adams pay for the loan (total outlay) each year?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M91126390

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