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A.Kirk wishes to accumulate $10,000 in 3 years for a down payment on a house. Use Table 12-1 from your text to find the sinking
A.Kirk wishes to accumulate $10,000 in 3 years for a down payment on a house. Use Table 12-1 from your text to find the sinking fund payment he would need to make at the END of every month, at 6% interest compounded monthly.
a. $356.59
b. $3,733.58
c. $254.22
d. $2,773.58 1.5 points
B.Linens Plus wishes to pay off a debt of $15,000 in 2 years. What amortization payment would they need to make every month, at 12% interest compounded monthly? (Use Table 12-2 from your text)
a. $664.81
b. $684.10
c. $625.00
d. $706.10
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