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Snoopy borrows $7200 at 8.1% nominal convertible monthly to pay for his new super-deluxe doghouse. To pay off the loan, he agrees to make monthly interest payments on the loan, and he also will make equal monthly deposits into a sinking fund account with with an interest rate of 6.3% nominal convertible monthly so that he can repay the principal with a single payment 24 months from now. What is Snoopy's total monthly outlay? (Assume the first interest payment and the first sinking fund deposit will both occur one month from the date of the loan.) Outlay = $ Note: The outlay (per payment period) for a sinking-fund loan is the combined total of the interest payment and the sinking fund deposit.

Financial Management, Finance

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