On April 8, Manuel borrowed $700.00 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 8 and 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 Number Balance Before Payment Amount Paid Interest Paid 0 Apr. 8 1 May 8 $700.00 $110.00 $ 2 June 8 $ $110.00 $ 3 July 8 $ $110.00 $ 4 Aug. 8 $ $110.00 $ 5 Sept. 8 $ $110.00 $ 6 Oct. 8 $ $110.00 $ 7 Nov. 8 $ $ Totals: $ $
On
April
8,
Manuel borrowed
$700.00
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
8 and 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 Number
Balance Before Payment
Amount Paid
Interest Paid
0
Apr.
8
1
May
8
$700.00
$110.00
$
2
June
8
$
$110.00
$
3
July
8
$
$110.00
$
4
Aug.
8
$
$110.00
$
5
Sept.
8
$
$110.00
$
6
Oct.
8
$
$110.00
$
7
Nov.
8
$
$
Totals:
$
$
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