A condition of a seven-year loan of 70,000 is that the borrower will pay equal annual amounts
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A condition of a seven-year loan of £70,000 is that the borrower will pay equal annual amounts into a sinking fund so that it accumulates at the end of the seven years to the amount of the loan. The sinking fund will earn interest at 6% per annum. How much should be paid into the sinking fund each year?
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Related Book For
Frank Woods Business Accounting Volume 2
ISBN: 9781292085050
13th Edition
Authors: Frank Wood, Alan Sangster
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