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1.2 loan problem

(a)

(b)

A loan is being repaid using the sinking fund method with annual year-end interest payments of 2,500 and sinking fund payments of 4,627 for a term of 10 years. The effective rate of interest on the loan is 12.5% more than that of the sinking fund. Find the amount of the loan. Amount of the loan: A $200,000 home loan is being repaid with total month-end installments of $1,486.58 using the sinking fund method. The monthly convertible interest rates for the loan and the sinking fund are 6% and 5%, respectively. There is a single equivalent interest rate that under the amortization method would have the same $1,486.58 payment for a 20 year month-end payment of $200,000. Find the payment for a $30,000 loan using the single equivalent interest rate from above with month-end payments and a term of 10 years. (You may estimate the single interest rate with a formula or your calculator.) Monthly payment of second loan