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finance math urgent [10 points) Me Gibbs Borrowed 7,400 from Davy Jones Bank in order to purchase a map leading to a mythical treasure. He
finance math urgent
[10 points) Me Gibbs Borrowed 7,400 from Davy Jones Bank in order to purchase a map leading to a mythical treasure. He will use the Sinking Fund Method to pay back his loan over a period of n months. Every month he will pay the interest to Davy Jones Bank, and he will accumulate the principal with level payments of 186,73 at the end of each month in a sinking fund at the Bank of Shipwreck Cove. Davy Jones Bank charges an effective interest rate of 0.016 per month on the loan. The Bank of Shipwreck Cove credits Mr. Gibbs an effective interest rate of 0.032 per month. The total payment made each month (interest payment to Davy Jones Bank + sinking fund deposit to the Bank of Shipwreck Cove) is equal to 305.13. Find n. Keep 5 decimal places in your calculations. Round you answer to the nearest integer [Recall that if x' = a then n = (In a)/(In x). [10 points) Me Gibbs Borrowed 7,400 from Davy Jones Bank in order to purchase a map leading to a mythical treasure. He will use the Sinking Fund Method to pay back his loan over a period of n months. Every month he will pay the interest to Davy Jones Bank, and he will accumulate the principal with level payments of 186,73 at the end of each month in a sinking fund at the Bank of Shipwreck Cove. Davy Jones Bank charges an effective interest rate of 0.016 per month on the loan. The Bank of Shipwreck Cove credits Mr. Gibbs an effective interest rate of 0.032 per month. The total payment made each month (interest payment to Davy Jones Bank + sinking fund deposit to the Bank of Shipwreck Cove) is equal to 305.13. Find n. Keep 5 decimal places in your calculations. Round you answer to the nearest integer [Recall that if x' = a then n = (In a)/(In x) Step by Step Solution
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