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5.52 A loan of $3,000 at effective rate of interest of 4% per year is to be redeemed over 10 years by a sinking fund tha
Posted: Thu Dec 23, 2021 8:27 am
by answerhappygod
- 5 52 A Loan Of 3 000 At Effective Rate Of Interest Of 4 Per Year Is To Be Redeemed Over 10 Years By A Sinking Fund Tha 1 (132.77 KiB) Viewed 95 times
5.52 A loan of $3,000 at effective rate of interest of 4% per year is to be redeemed over 10 years by a sinking fund that credits interest at 3.5%. When the 5th payment is due, the borrower can only pay the interest payment to the lender but is not able to make the sinking fund deposit. In order to repay the loan on time, the borrower pays an extra K dollars in the 6th to 10th sinking fund deposits. Find K.