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Determine the amount of each monthly installment

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Reference no: EM131556885

Question: SINKING FUNDS The management of a condominium association anticipates a capital expenditure of $120,000 in 2 yr for the purpose of painting the exterior of the condominium. To pay for this maintenance, a sinking fund will be set up that will earn interest at the rate of 5.8%/year compounded monthly. Determine the amount of each (equal) monthly installment the association will be required to deposit into the fund at the end of each month for the next 2 yr.

Reference no: EM131556885

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