Lauren is repaying a loan of 100,000 using the sinking fund method. At the end of each year, she pays 7000 into a sinking fund earning 8%. At the end of 5 years, Lauren pays off the loan using the sinking fund plus an additional payment of X. Calculate X. Hint: 58,933.79 

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To calculate the additional payment X required by Lauren to pay off the loan using the sinking fund ... View the full answer