Pasomal limited borrowed GHc 120,000 at 28% to finance a new factory cooling system. The debt will
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Question:
Pasomal limited borrowed GHc 120,000 at 28% to finance a new factory cooling system. The debt will be discharged at the end of 5 years with regular annual payment into a sinking fund that pays 20% interests per annum
i. Calculate the Annual Payment into the fund
ii. Construct a sinking fund schedule assuming that the payment into the fund is made at the end of the first year.
Related Book For
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
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