Question
Retirement of debt. (Tables needed.) Steve Milner borrowed $120,000 on July 1, 2017. This amount plus accrued interest at 8% compounded semiannually is to be
Retirement of debt. (Tables needed.) Steve Milner borrowed $120,000 on July 1, 2017. This amount plus accrued interest at 8% compounded semiannually is to be repaid in total on July 1, 2027. To retire this debt, Milner plans to contribute to a debt retirement fund five equal amounts starting on July 1, 2022 and continuing for the next four years. The fund is expected to earn 6% per annum.
Instructions Compute how much must be contributed each year by Steve Milner to provide a fund sufficient to retire the debt on July 1, 2027?
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The Volunteers Audit Guide For Churches And Other Non Profits A Step By Step Workbook For Internal Reviews Of Non Profit Organizations
Authors: Edd Breeden
1st Edition
1079582401, 978-1079582406
