FundRobot » Funds » This is about Amortization Schedules.?

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Default this is about amortization schedules.

Lori borrows 10,000 for 10 years at an annual effective interest rate of 9%. At the end of each year,
she pays the interest on the loan and deposits the level amount necessary to repay the principal to
a sinking fund earning an annual effective interest rate of 8%. The total payments made by Lori
over the 10-year period is X. Calculate X.

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