On March 8, Manuel borrowed $720.00 from his uncle at 4.3% 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 April 8 and a cheque dated October 8 for the remaining balance to cover payment ofinterest 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 PaymentAmount PaidBalance After PaymentPayment NumberO Mar. 8Interest PaidPrincipal Repaid$720.001 Apr. 8$720.00$110.002 May 8$110.003 June 8$110.004 July 8$110.005 Aug. 8$110.006 Sept. 8$110.007 Oct. 8$0.00Totals:

Answered: Image /qna-images/answer/ed64e935-ed09-4e50-872f-50d93f00b23e.jpg

Answered: On March 8. Manuel borrowed S720.00…

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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Carla borrowed $1010.00 from the Central Bank at 8.8% per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments of $220.00 per month. 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 S1010.00 1 $1010.00 $220.00
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1. Cameron designates 10% of his monthly earnings as charitable contributions. After deducting this amount, he deposits 5% of the remaining amount into a money market account earning 2%. If Cameron's monthly earnings are $4,800 what amount interest will he earn on his deposit each month? 2. Find the maturity value for a loan on $4,225 at 8% made on March 5 and due on May 5 of the same year. Assume a 365-day year. 3. Republic Bank advertises their interest rates at 7 % %. You decide to apply for a loan in the amount of $9,000 for 90 days. The bank grants your loan and the loan officer tells you that there is a document preparation fee of $150 that needs to be paid at the time you sign the documents for the loan. Find the APR. Assume a 360-day year. 4. You took out a loan of $5,000 on May 2 and went back on June 15 to make a payment of $1,200. The loan was at 4% for 1 year. What was your remaining balance after making that payment?
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