Jia borrows 10000 for a term of 10 years at an effective, Financial Management

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Jia borrows 10000 for a term of 10 years at an effective

Jia borrows $10,000 for a term of 10 years at an effective annual interest rate of 12%. At the end of each year she makes annual interest payments and accumulates the principal in two sinking funds. One third of her deposit is made to a sinking fund earning 10% annual interest. The remaining two thirds of her deposit is made to a sinking fund earning 8% interest. Determine Jia’s total annual payment.

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Financial Management: Jia borrows 10000 for a term of 10 years at an effective

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