Langford Insurance Agency borrowed $20000 at 16% simple interest from First Bank to purchase some office furniture. First Bank requires monthly interest payments and the full $20000 at the end of 8 years. In order to meet this obligation, Langford Insurance Agency plans to make monthly deposits to a sinking fund earning 7.5% compounded monthly. Round up any part of a cent.

a. State Langford Insurance Agency's total monthly obligation. $ 419.35

b. State the balance in the sinking fund just after 28 deposits. $ 4656.07

c. Set up a sinking fund schedule on your own paper. Then, state the following: The amount of interest earned the second month.

d. The balance at the beginning of the fourth month.

A and B are answered correctly, I am seeking help for C and D.