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A company estimates that it will need $ 70,000 in 15 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 5.7% compounded​ monthly, how much should each payment​ be?

 

The amount of each payment should be​ $? (round to nearest cent)

 Jul 2, 2017
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Learn to use this excellent financial calculator to solve your questions:

https://arachnoid.com/finance/

If you use correctly, it will give you:

PMT =$246.91

 Jul 2, 2017

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