We can use the formula for finding the future value as below
FV = C x [ ( 1 + r )n-1 ] / ( r )
Here FV = future value = $9000
C = sinking fund payment = ?
r = rate of interest = 4% = 4/100 = 0.04
compounded monthly so r = 0.04/12 = 0.003333
n = Number of payments = 10 years so 10 x 12 = 120
9000 = C x [ ( 1 + 0.003333)120 – 1 ] / (0.003333)
9000 =C X [ (1.003333 )120– 1 ] / (0.003333)
9000 = C X [ 1.49077 – 1 ] / (0.003333)
9000 = C X [ 0.49077 ] / (0.003333)
9000 = C X ( 147.2457)
C = 9000 / 147.2457= 61.122
So the monthly payment = $61.1
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