Question

On June 8, Manuel borrowed 5670.00 from his uncle at 4.1% per annum calculated on the daily balance. He gave his uncle six cheques for $100.00 dated the 8th of each of the next six months starting July 8 and a cheque dated January 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 June 8 $670.00 1 July 8 $670.00 $100.00

Answer 1

Payment Balonce before payment Interest Amont David Principal Repaid Number Poid Palomce after payment 670 a Time 8 I July 8 $ 100.00 $ 670.00 572.6 12.6 1 97.4

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