Can someone please explain how this problem is laid out to solve.A company borrows $170000, which will be paid back to the lender in one payment at the end of 5 years. The company agrees to pay monthly interest payments at the nominal annual rate of 7% compounded monthly. At the same time the company sets up a sinking fund in order to repay the loan at the end of 5 years. The sinking fund pays interest at an annual nominal interest rate of 12% compounded monthly. Find the total amount of the monthly payments, that is, the sum of the interest payment and the sinking fund payment.
Total monthly payment = $
1 answer
done, see your previous post
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