Author Question: Kirk wishes to accumulate 10,000 in 3 years for a down payment on a house. Use Table 12-1 from your ... (Read 114 times)

AEWBW · **on:** Jun 24, 2018

Kirk wishes to accumulate 10,000 in 3 years for a down payment on a house. Use Table 12-1 from your text to find the sinking fund payment he would need to make at the END of every month, at 6 interest compounded monthly.
A) 2,773.58
B) 3,733.58
C) 254.22
D) 356.59

Question 2

Hot Wheels Depot needs to accumulate 25,000 in 6 years to purchase new equipment. What sinking fund payment would they need to make at the END of every three months, at 8 interest compounded quarterly? (Use Table 12-1 from your text)
A) 821.78
B) 679.42
C) 545.96
D) 620.42