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 datedDecember 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 Number0 May 81 June 8Balance Before PaymentAmount PaidInterest PaidPrincipal RepaidBalance After Payment$780.00$780.00$120.002 July 8$120.003 Aug. 8$$120.00$4 Sept. 8$120.005 Oct. 8$120.006 Nov. 8$120.00$47 Dec. 8$0.00Totals:

Balance before Payment Amount paid Interest paid Principal repaid Balance After Payment…

Answered: On May 8, Manuel borrowed $780.00 from…

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 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 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 Balance After Payment Payment Number O Mar. 8 Interest Paid Principal Repaid $720.00 1 Apr. 8 $720.00 $110.00 2 May 8 $110.00 3 June 8 $110.00 4 July 8 $110.00 5 Aug. 8 $110.00 6 Sept. 8 $110.00 7 Oct. 8 $0.00 Totals:
please i need complete solution
(Round to the nearest cent as needed.)
Megan was charged $124.83 interset on her bank loan for the period September 18 to October 18. If the rate of interest on her loan was 8.25%, what was the outstanding principle balance on the loan during the period?
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
Carla borrowed $1002.00 from the Merchant Bank at 8.4% 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 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 $1002.00 1 $1002.00 $220.00 2 $220.00 $ 3 $220.00 $ $ 4 $ $220.00 %$4 %$4 $0.00 Totals: $1 $
Wyatt signs a note for a discounted loan agreeing to pay $4,100 in 6 months at a discount rate of 13%. Determine the amount of the discount and the proceeds to Wyatt.Discount = $ Proceeds = $
Jamie borrowed $900 from the Essex District Credit Union. The loan agreement provided for repayment of the loan in four equal monthly payments plus interest at 12% per annum calculated on the unpaid balance. What was the loan balance outstanding after the second payment? how much total interest did Jamie pay on this loan?
On October 31st, David signed a 4-month, $5,000 simple interest loan earning 7. Find the maturity date, interest, and maturity value.
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?
Shelley borrowed $1022.00 from the Merchant Bank at 8.6% per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. $219.00 per month. Construct a complete repayment Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number Balance Before Payment Interest Pai Amount Paid Principal Repaid Balance After Payment $1022.00 $1022.00 $219.00 2 $219.00 %$4 $219.00 4. $219.00 5. %$4 $0.00 Totals:
On April 1, Hilda made a $3410 deposit to open a savings account paying 3.5 % compounded daily. She then deposited $170 on May 6 and $510 on May 29. Find the balance on June 30 and the interest earned through that date.

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