Tara wishes to accumulate $25,000 in 3 years. use the appropriate formula to find the sinking fund payment (in$) you would need to make each month, at 24% interest compounded monthly, to pay off a loan of $8,500 in 3 years. (round your answer to the nearest cent).
Tara wishes to accumulate $25,000 in 3 years. use the appropriate formula to find the sinking fund payment (in$) you would need to make each month, at 24% interest compounded monthly, to pay off a loan of $8,500 in 3 years. (round your answer to the nearest cent).
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...
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![Tara wishes to accumulate $25,000 in 3 years.
use the appropriate formula to find the sinking
fund payment (in$) you would need to make
each month, at 24% interest compounded
monthly, to pay off a loan of $8,500 in 3 years.
(round your answer to the nearest cent).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff2d5267d-4124-4e4c-8429-645249326cab%2F8ac79576-a60e-4d00-94fe-d3556d4f69d7%2Fqrn3dwu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Tara wishes to accumulate $25,000 in 3 years.
use the appropriate formula to find the sinking
fund payment (in$) you would need to make
each month, at 24% interest compounded
monthly, to pay off a loan of $8,500 in 3 years.
(round your answer to the nearest cent).
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