Lori borrows 1 for 10 years at an annual effective interest rate of 9%. at the end of each year, she pays in interest on the loan and deposits the level amount necessary to repay the principal into a sinking fund earning an annual effective interest rate of 8%. the total of all payments (i. e. interest payments and sinking fund payments) made by lori over the 10-year period is x. find x. (a) 15803 (b) 15853 (c) 15903 (d) 15953 (e) 16003

payment after 10 year is $15902.9

Explanation:

Given data:

Borrowed money is 10000

duration = 10 year

interest rate is 9%

interest on sinking fund is 8%

interest payment = 10000\times 0.09 = $900.00

Total amount that need to return along with interest is $10000

Total amount deposit at each year =

                                                       = $690.29

total payment for each year = $900 + $690.29 = $1590.29

payment need to be done after 10 year is  

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2,283,000

explanation:

i just had to add it