New Jobs Created borrowed $17900 at 16.5% simple interest from First Bank to purchase some office furniture. First Bank requires monthly interest payments and the full $17900 at the end of 7 years. In order to meet this obligation, New Jobs Created plans to make monthly deposits to a sinking fund earning 8.25% compounded monthly. Round up any part of a cent. State the total monthly obligation, and (b) what is the total interest earned on the sinking fund assuming all deposits are the same?

Answer rating: 100% (QA)

Calculating Monthly Obligation and Sinking Fund Interest a Total Monthly Obligation Calculate monthl... View the full answer