Cindy borrows 13,500 for 12 years at an annual effective interest rate of i. She accumulates the amount necessary to repay the loan by a sinking fund. Cindy makes a payment P at the end of each of the 12 years of the loan period; each includes payment on the loan at an annual effective interest rate of i and payment into a sinking fund on which the annual effective interest rate is 4%. If the annual effective rate on the loan had been 2i instead of i, Cindy's total annual payment would have been 1.2 P. Find P

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A: Simple interest =( principal × rate × time)/100

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A: Given, a loan of $6,000 at 8​% annually for 70 days.To find the exact interest on a loan.

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Q: minimum

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