please i need complete solution On April 8, Manuel borrowed S700.00 from his uncle at 5.6% per annum calculated on the daily balance. He gave his uncle six cheques for $110.00 dated the 8th of each of the next six months starting May 8and a cheque dated November 8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid,Interest Paid, and Principal Repaid.Complete the repayment schedule below. (Round to the nearest cent as needed.)Payment NumberBalance Before PaymentAmount PaidInterest PaidPrincipal RepaidBalance After PaymentO Apr. 8$700.001 May 8$700.00$110.002 June 8$110.00%$43 July 8$110.004 Aug. 8$110.005 Sept. 8$110.006 Oct. 8$110.007 Nov. 8$0.00Totals:

In installment loan system, repayment schedule is constructed that show balance of amount due after…

Answered: On April 8, Manuel borrowed $700.00…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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On May 8, Manuel borrowed $780.00 from his uncle at 4.6% per annum calculated on the daily balance. He gave his uncle six cheques for $120.00 dated the 8th of each of the next six months starting June 8 and a cheque dated December 8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number 0 May 8 1 June 8 Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment $780.00 $780.00 $120.00 2 July 8 $120.00 3 Aug. 8 $ $120.00 $ 4 Sept. 8 $120.00 5 Oct. 8 $120.00 6 Nov. 8 $120.00 $4 7 Dec. 8 $0.00 Totals:
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OnApril8,Manuel borrowed $700.00from his uncle at 5.6%per annum calculated on the daily balance. He gave his uncle six cheques for $110.00dated the 8th of each of the next six months starting May8 and a cheque dated November8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for AmountPaid,InterestPaid,and Principal Repaid.Complete the repayment schedule below. (Roundto the nearest cent asneeded.)Payment NumberBalance Before PaymentAmount PaidInterest Paid0Apr.81May8$700.00$110.00$2June8$$110.00$3July8$$110.00$4Aug.8$$110.00$5Sept.8$$110.00$6Oct.8$$110.00$7Nov.8$$Totals:$$
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