Northern Flying Service is preparing to buy an aircraft estimated to cost $60 000 by making equal

Question:

Northern Flying Service is preparing to buy an aircraft estimated to cost $60 000 by making equal payments at the end of every three months into a sinking fund for five years. Interest earned by the fund is 8% compounded quarterly.
(a) What is the size of the quarterly payment made to the sinking fund?
(b) How much of the value of the fund will be interest?
(c) What is the accumulated value of the fund after two years?
(d) How much interest will the fund earn in the 15th payment interval? Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...