Balance Date before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Mar 4 Apr 4 7.7% May 4 7.7% Jun 4 7.7% Jul 4 7.7% Aug 4 7.7% Sep 4 7.7% Oct 4 7.7% Payment (+) or Principal Balance after Advance (-) Amount Transaction $7,650.00

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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A $7,650.00 demand loan was taken out on March 4 at a fixed interest rate of 7.7% with fixed monthly payments of $1,200.00. The first monthly payment is
due April 4 and the 4th of every month thereafter. Prepare a full repayment schedule for the loan.
(Round all monetary values to the nearest penny.)
(Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".)
(Give all "Number of Days" quantities as fractions with denominator 365.)
Date
Balance
before
Transaction
Annual
Interest
Rate
Number Interest Accrued
of Days Charged Interest
Payment
(+) or
Advance
(-)
Principal Balance after
Amount
Transaction
Mar 4
$7,650.00
Apr 4
7.7%
May 4
7.7%
Jun 4
7.7%
Jul 4
7.7%
Aug 4
7.7%
Sep 4
7.7%
Oct 4
7.7%
Transcribed Image Text:A $7,650.00 demand loan was taken out on March 4 at a fixed interest rate of 7.7% with fixed monthly payments of $1,200.00. The first monthly payment is due April 4 and the 4th of every month thereafter. Prepare a full repayment schedule for the loan. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".) (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance (-) Principal Balance after Amount Transaction Mar 4 $7,650.00 Apr 4 7.7% May 4 7.7% Jun 4 7.7% Jul 4 7.7% Aug 4 7.7% Sep 4 7.7% Oct 4 7.7%
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