On April 15, Julio borrowed $1,010.00 from Sheridan Credit Union at 6.4% per annum calculated on the daily balance. He gave the credit union six cheques for $160.00 dated the 15th of each of the next six months starting May 15 and a cheque dated November 15 for the remaining balance to cover payment of interest and repayment of principal Construct a complete repayment schedule for the loan including lotals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below (Round to the nearest cent as needed) Payment Number 0 April 15 and 1 May 15 Balance Before Payment (may 15) $1010 Amount Paid (may 15) $160.00 Interest Paid (may 15) $_ Principal Repaid (may 15) $ Balance After Payment (april 15) $1010 (may 15) $_
On April 15, Julio borrowed $1,010.00 from Sheridan Credit Union at 6.4% per annum calculated on the daily balance. He gave the credit union six cheques for $160.00 dated the 15th of each of the next six months starting May 15 and a cheque dated November 15 for the remaining balance to cover payment of interest and repayment of principal Construct a complete repayment schedule for the loan including lotals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below (Round to the nearest cent as needed) Payment Number 0 April 15 and 1 May 15 Balance Before Payment (may 15) $1010 Amount Paid (may 15) $160.00 Interest Paid (may 15) $_ Principal Repaid (may 15) $ Balance After Payment (april 15) $1010 (may 15) $_
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
Problem 1PS
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Transcribed Image Text:On April 15, Julio borrowed $1,010.00 from Sheridan Credit Union at 6.4% per annum
calculated on the daily balance. He gave the credit union six cheques for $160.00 dated the
15th of each of the next six months starting May 15 and a cheque dated November 15 for the
remaining balance to cover payment of interest and repayment of principal Construct a
complete repayment schedule for the loan including lotals for Amount Paid, Interest Paid, and
Principal Repaid.
Complete the repayment schedule below (Round to the nearest cent as needed)
Payment Number 0 April 15 and 1 May 15
Balance Before Payment (may 15) $1010
Amount Paid (may 15) $160.00
Interest Paid (may 15) $_
Principal Repaid (may 15) $_
Balance After Payment (april 15) $1010 (may 15) $_
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