Amount of money that family needs to pay every six months

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A family took home improvement loan for $25, 000. Interest on the loan at a rate i^(2) = 10% must be paid at the end of each six month period. Also at the end of each six month period payments are made into the sinking fund that earns j^(2) = 6%. At the end of 5 years the balance in the sinking fund is the same as the value of loan. Find the total amount of money that family needs to pay every six months.

Reference no: EM131332497

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