New on here and hoping for some valuation help!
Have an exam tomorrow and one of the questions is:
The rate of interest charged by a bank for a loan for repairs to a property is 6%. The
amount borrowed is £3,500 and the loan is to be repaid in 4 each annual instalments.
How much is each instalment?
(a) £1,010 (b) £2,020 (c) £1,111 (d) £2,222 (e) £1, 212
Now I think I do this with a Annual Sinking Fund but am not sure. Would anyone be kind enough to walk me through an answer?