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Answer to Question #283648 in Financial Math for Eden

Question #283648

NTT Company purchased a delivery truck on credit from AMCE which requires a payment of Br. 400, 000 plus 5% interest compounded annually at the end of 5 years. The Company plans to set up a sinking fund to accumulate the amount required to settle the debt.

Required:

Find the total debt at the end of the 5 year.

What should be the monthly deposit into the fund be if the account pays 15% interest, compounded monthly?


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