Math

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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?

  • Math -

    Let the semi-annual payment be P

    30000 = P( 1 - 1.06^-16)/.06

    let me know what you got for P

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