computing the payment for a sinking fund

Part B

EXAMPLE 2 Computing the Payment for a Sinking Fund A company estimates that it will have to replace a piece of equipment at a cost of $800,000 in 5 years. To have this money available in 5 years, a sinking fund is established by making equal monthly payments into an account paying 6.6% compounded monthly. (A) How much should each payment be? (B) How much interest is earned during the last year