If the interest on the sinking fund in Question 45.9 were at 7 per cent, how much would the annual
If the interest on the sinking fund in Question 45.9 were at 7 per cent, how much would the annual payments into it be?
Data from Question 45.9
A condition of an 8-year loan of £40,000 is that the borrower will pay equal annual amounts into a sinking fund so that it accumulates at the end of the 8 years to the amount of the loan. The sinking fund will earn interest at 5 per cent per annum. How much should be paid into the sinking fund each year?
To find out how much should be paid into the sinking fund each year if the interest on …View the full answer
I am a self motivated financial professional knowledgeable in; preparation of financial reports, reconciling and managing accounts, maintaining cash flows, budgets, among other financial reports. I possess strong analytical skills with high attention to detail and accuracy. I am able to act quickly and effectively when dealing with challenging situations. I have the ability to form positive relationships with colleagues and I believe that team work is great key to performance. I always deliver quality, detailed, original (0% plagiarism), well-researched and critically analyzed papers.