On April8, Manuel borrowed $730.00 from his uncle at 5.5% 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 Principal Repaid Balance After Payment 0 Apr. 8 $730.00 1 May 8 $730.00 $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 $...... $....... $....... $....... $0.00 Totals: $....... $........ $........
On April8, Manuel borrowed $730.00 from his uncle at 5.5% 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 Principal Repaid Balance After Payment 0 Apr. 8 $730.00 1 May 8 $730.00 $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 $...... $....... $....... $....... $0.00 Totals: $....... $........ $........
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On April8, Manuel borrowed $730.00 from his uncle at 5.5% 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.
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
|
Principal Repaid
|
Balance After Payment
|
|
0
Apr.
8 |
|
|
|
|
$730.00
|
|
1
May
8 |
$730.00
|
$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 |
$......
|
$.......
|
$.......
|
$.......
|
$0.00
|
|
Totals:
|
|
$.......
|
$........
|
$........
|
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