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please answer all with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation. A loan of
please answer all with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation.
A loan of $73,600 is due 10 the end of each year years from today. The borrower wants to make annual payments at percent. into a sinking fund that will earn compound interest at an annual rate of 10 Required: a. What will the annual payments have to be? Note: Do not round intermediate calculations and round your final answer to the nearest whole dollar amount. b. Suppose the investor makes the payments monthly instead. How much would they need to pay each month? Note: Do not round intermediate calculations and round your final answer to 2 decimal places. c. If payment was made by making monthly payments with monthly compounding then how less they will pay in a year? Note: Do not round intermediate calculations and round your final answer to 2 decimal places. r Answer is complete but not entirely correct. a. Annual payment b. Monthly payment c. Difference Ilgrfl_ga__l paymeant s 11,978 @ [ per year $ 972,63 | per month $ 3,065.08 | per yearStep by Step Solution
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