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On June 15, Julio borrowed $1,070.00 from Sheridan Credit Union at 7.3% 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 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, ar Principal Repaid

On June 15, Julio borrowed $1,070.00 from Sheridan Credit Union at 7.3% 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 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, ar Principal Repaid

Advanced Engineering Mathematics
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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On June 15, Julio borrowed $1,070.00 from Sheridan Credit Union at 7.3% 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 Payment Number 0 June 15 Amount Paid Interest Paid Principal Repaid Balance After Payment $1,070.00 1 July 15 $1,070.00 $160.00
Transcribed Image Text:On June 15, Julio borrowed $1,070.00 from Sheridan Credit Union at 7.3% 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 Payment Number 0 June 15 Amount Paid Interest Paid Principal Repaid Balance After Payment $1,070.00 1 July 15 $1,070.00 $160.00
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