Amount paid by the borrower over the course of the loan

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Reference no: EM131997695

The borrower of a loan of 10,000 makes monthly interest payments to the lender at rate i(12)=.15, and monthly deposits of 100 to a sinking fund earning i(12)=.09 when the sinking fund reaches 10000 the borrower will repay the principal and discharge the loan. Find the total amount paid by the borrower over the course of the loan.

Reference no: EM131997695

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