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Hi please help me with the problem below, make sure write down detailed steps for each part, thank you! Question 1 A loan of 20,000

Hi please help me with the problem below, make sure write down detailed steps for each part, thank you!

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Question 1 A loan of 20,000 is being repaid with annual payments for 5 years using the sinking fund method. The loan charges 10% interest compounded twice a year. The sinking fund earns 8% compounded monthly. Calculate: (a) the interest payment that is paid annually to service the loan (Hint: 2050) (b) ihe sinkingfiliul deposit (llili: 3: 8.80)

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