Asked by Anonymous

Find the monthly payment, needed to have a sinking fund accumulate the future value, $16,000. The yearly interest rate is 6.7% and the number of payments is 20.

Interest is compounded monthly. Round your answer to the nearest cent.

I do not understand how to find the monthly payment. Please help me.

Thank you.
Answered by Steve
do you not have a formula for the payments? Just plug your numbers into the formula.
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