Question: Hi, please assist me with my tutorial work; Question 1 You take out a bank overdraft of K3000 to be repaid in full at the

Hi, please assist me with my tutorial work;

Question 1

You take out a bank overdraft of K3000 to be repaid in full at the end of 18 months, with monthly interest of 11% p.a. being paid for the duration of the loan. To help finance the final repayment you make regular monthly deposits of K150 into a sinking fund which pays interest of 6.5% p.a. compounded monthly. At the end of the 18 months how much money will you have to find to pay off the loan (the balance of the sinking fund account can be used as part payment)?

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