posted by Anonymous .
Jeff Associates borrowed $30,000. The company plans to set up a sinking fund that will repay the loan at the end of 8 years. Assume a 12 % interest rate compounded semiannually. What must Jeff pay into the fund each period of time?
Let the semi-annual payment be P
30000 = P( 1 - 1.06^-16)/.06
let me know what you got for P