Common information for 6 and 7 Andrew borrows 360,000 at i=.05. He repays this loan by...

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Advance Math

Common information for 6 and 7
Andrew borrows 360,000 at i=.05. He repays this loan by payingoff only the interest due at the end of each year to the lender anddepositing a level amount Y at the end of each year into a sinkingfund account offering 8% APY so as to accumulate the full balanceof the loan amount in the sinking fund at the end of 20 years.
What value Y must he deposit into the SF account at the end ofevery year?
A.
The answer is not listed here
B.
10,887.33
C.
9886.42
D.
10,002.42
E.
7866.80

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According to given information Andrew barrows the amount of 360000 at 005 and he is paying the interest at the end of every year and the principal See Answer

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	A.	The answer is not listed here
	B.	10,887.33
	C.	9886.42
	D.	10,002.42
	E.	7866.80