Author Question: Leon's Plumbing wishes to pay off a debt of 21,000 in 6 years. What amortization payment would they ... (Read 105 times)

EAugust · **on:** Jun 24, 2018

Leon's Plumbing wishes to pay off a debt of 21,000 in 6 years. What amortization payment would they need to make every three months, at 6 interest compounded quarterly? (Use Table 12-2 from your text)
A) 722.57
B) 1,032.91
C) 1,048.41
D) 733.41

Question 2

Jeff wishes to accumulate 5,000 in 5 years. Use the appropriate formula to find the sinking fund payment she would need to make at the end of each year, at 5 interest, compounded annually.
A) 989.94
B) 917.47
C) 904.87
D) 949.87