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A 15-year, $500,000 loan will be repaid by the sinking fund method. Interest only must be paid at ...

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A 15-year, $500,000 loan will be repaid by the sinking fund method. Interest only must be paid at ...

A 15-year, $500,000 loan will be repaid by the sinking fund method. Interest only must be paid at the end of each year. At the same time, 15 equal annual deposits will be made to a sinking fund that is to accumulate the $500,000 needed to repay the principal after 15 years. Interest on the loan is 14% compounded annually, and the sinking fund will earn 10% compounded annually.

What will be the increase in the sinking fund during the 10^th year?

▸ $21,369.87

▸ $37,106.76

▸ $25,080.55

▸ $37,086.79

▸ $15,736.89

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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