A company borrows $160000, which will be paid back to the lender in one payment at the end of 8 years. The company agrees to pay monthly interest payments at the nominal annual rate of 11% compounded monthly. At the same time, the company sets up a sinking fund in order to repay the loan at the end of 8 years. The sinking fund pays interest at an annual nominal interest rate of 15% 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 = $? Get Finance Help Today
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