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A buyer wants establishes a sinking fund to purchase a used vehicle for $1000 dollars, if they deposit equal amounts at the beginning of each

A buyer wants establishes a sinking fund to purchase a used vehicle for $1000 dollars, if they deposit equal amounts at the beginning of each month and the rate is 10% per annum compounded MONTHLY.

  • What are their monthly payments?
  • This question is essentially Annuities with payment beginning at the start of the period.

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