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Find the total amount of the monthly payments

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A company borrows $130000, which will be paid back to the lender in one payment at the end of 7 years. The company agrees to pay monthly interest payments at the nominal annual rate of 12% compounded monthly. At the same time the company sets up a sinking fund in order to repay the loan at the end of 7 years. The sinking fund pays interest at an annual nominal interest rate of 11% compounded monthly. Find the total amount of the monthly payments, that is, the sum of the interest payment and the sinking fund payment.

Reference no: EM132495446

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