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Mathematics Clinic => Grade 11 and 12 Mathematics => Topic started by: Kikoku on Jun 6, 2019

Title: Calculate the legal due date of a $600.00, 120 day note with interest at 5% dated March 2, 2014.
Post by: Kikoku on Jun 6, 2019

Question 1

You borrowed $4600 at 9.1% per annum calculated on the unpaid monthly balance and agree to repay the principal together with interest in monthly payments of $1050 each. Construct a complete repayment schedule.

Question 2

Calculate the legal due date of a $600.00, 120 day note with interest at 5% dated March 2, 2014.
◦ July 2
◦ July 3
◦ June 30
◦ July 31
◦ July 5

Title: Calculate the legal due date of a $600.00, 120 day note with interest at 5% dated March 2, 2014.
Post by: sarajane1989 on Jun 6, 2019

Answer 1

Repayment Schedule

Payment number	Balance before payment	Amount paid	Interest paid	Principal repaid	Balance after payment
0	​	​	​	​	4600.00
1	4600.00	1050.00	34.88	1015.12	3584.88
2	3584.88	1050.00	27.19	1022.81	2562.07
3	2562.07	1050.00	19.43	1030.57	1531.50
4	1531.50	1050.00	11.61	1038.39	493.11
5	493.11	496.85	3.74	493.11	​
Totals	​	4696.85	96.85	4600.00	​

Answer 2

July 3

Title: Calculate the legal due date of a $600.00, 120 day note with interest at 5% dated March 2, 2014.
Post by: Kikoku on Jun 6, 2019

Thank you!

Title: Calculate the legal due date of a $600.00, 120 day note with interest at 5% dated March 2, 2014.
Post by: sarajane1989 on Jun 6, 2019

Always glad to help...

Title: Re: Calculate the legal due date of a $600.00, 120 day note with interest at 5% dated March 2, 2014.
Post by: pratik more on Aug 15, 2020

Thank you

Title: Re: Calculate the legal due date of a $600.00, 120 day note with interest at 5% dated March 2, 2014.
Post by: Surjit Singh Deol on Jul 20, 2021

Tha ks