Question

Lee Associates borrowed $60,000. The company plans to set up a sinking fund that will pay back the loan at the end of 12 years. Assuming a rate of 8 percent compounded semiannually, the amount to be paid into the fund each period is

Answer 1

Okay, so lets take this slow...
Say we have $6, and making %8 interest, that means that we would be making $0.48 per year, so all we have to do is add 4 zeros to the $0.48,
You would get $4800.00 a year or $57,600.00
P.S: This is how the bankers get you XD