Suppose you take out a loan of amount L = 10,000 and repay it using the sinking fund method with monthly interest payments, and monthly deposits into the sinking fund, over a ten year period. The...

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Extracted text: Suppose you take out a loan of amount L = 10,000 and repay it using the sinking fund method with monthly interest payments, and monthly deposits into the sinking fund, over a ten year period. The lender charges you a nominal rate of 12% convertible monthly, while the sinking fund earns an annual effective interest rate of 5%. Calculate your total out-of-pocket payment each month. (а) 64.78 (b) 83.33 (c) 100 (d) 154.36 (е) 164.78