Langford Insurance Agency borrowed $55000 at 13.25% simple interest from First Bank to purchase some office...
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Langford Insurance Agency borrowed $55000 at 13.25% simple interest from First Bank to purchase some office furniture. First Bank requires monthly interest payments and the full $55000 at the end of 10 years. In order to meet this obligation, Langford Insurance Agency plans to make monthly deposits to a sinking fund earning 7% compounded monthly. Round up any part of a cent. a. State Langford Insurance Agency's total monthly obligation. $ b. State the balance in the sinking fund just after 31 deposits. $ c. Set up a sinking fund schedule on your own paper. Then, state the following: The amount of interest earned the second month. $ The balance at the beginning of the fourth month. $ Submit Answer Langford Insurance Agency borrowed $55000 at 13.25% simple interest from First Bank to purchase some office furniture. First Bank requires monthly interest payments and the full $55000 at the end of 10 years. In order to meet this obligation, Langford Insurance Agency plans to make monthly deposits to a sinking fund earning 7% compounded monthly. Round up any part of a cent. a. State Langford Insurance Agency's total monthly obligation. $ b. State the balance in the sinking fund just after 31 deposits. $ c. Set up a sinking fund schedule on your own paper. Then, state the following: The amount of interest earned the second month. $ The balance at the beginning of the fourth month. $ Submit Answer
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