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Common information for 6 and 7 Andrew borrows 360,000 at i=.05. He repays this loan by...

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Advance Math

Common information for 6 and 7

Andrew borrows 360,000 at i=.05. He repays this loan by payingoff only the interest due at the end of each year to the lender anddepositing a level amount Y at the end of each year into a sinkingfund account offering 8% APY so as to accumulate the full balanceof the loan amount in the sinking fund at the end of 20 years.

What value Y must he deposit into the SF account at the end ofevery year?

A.

The answer is not listed here

B.

10,887.33

C.

9886.42

D.

10,002.42

E.

7866.80

Answer & Explanation Solved by verified expert
4.4 Ratings (652 Votes)
According to given information Andrew barrows the amount of 360000 at 005 and he is paying the interest at the end of every year and the principal    See Answer
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