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Q20 Q20 10 Points Jonald is buying a (magical) horse for 425,000, and gets a 20 year, 7% annual rate loan for it. Luckily, Jonald
Q20 Q20 10 Points Jonald is buying a (magical) horse for 425,000, and gets a 20 year, 7% annual rate loan for it. Luckily, Jonald finds a very special fund, which earns 8% annual interest. At the end of each year, he will pay the interest on the loan and make an additional (level) deposit into this fund such that at 20 years, the loan is paid off. Find the amount of money Jonald saved by having this sinking fund account
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