Pragya borrows 10000 for a term of 10 years at an effective, Ask an Expert

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Pragya borrows $10,000 for a term of 10 years at an effective annual interest rate of 12%. At the end of each year she makes annual interest payments and accumulates the principal in two sinking funds. One third of her deposit is made to a sinking fund earning 10% annual interest. The remaining two thirds of her deposit is made to a sinking fund earning 8% interest. Determine Pragya’s total annual payment.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92071640

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