On June 15, Julio borrowed $1,070.00 from Sheridan Credit Union at 7.2% 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 July 15 and a cheque dated January 15 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 0 June 15 1 July 15 $1,070.00 $160.00 Interest Paid Principal Repaid Balance After Payment $1,070.00 SI
On June 15, Julio borrowed $1,070.00 from Sheridan Credit Union at 7.2% 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 July 15 and a cheque dated January 15 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 0 June 15 1 July 15 $1,070.00 $160.00 Interest Paid Principal Repaid Balance After Payment $1,070.00 SI
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:On June 15, Julio borrowed $1,070.00 from Sheridan Credit Union at 7.2% 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 July 15 and a cheque dated January 15 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.)
Balance Before Payment
Amount Paid
Payment Number
0 June 15
1 July 15
$1,070.00
$160.00
Interest Paid
Principal Repaid
Balance After Payment
$1,070.00
S
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