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Author Question: You borrowed the amount indicated in the Balance after payment column of the following schedule from ... (Read 43 times)

ap345

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on: Jun 6, 2019
You borrowed the amount indicated in the Balance after payment column of the following schedule from your friendly credit union. You agreed to repay the loan in monthly payments equal to of the original loan, including interest due and principal. Interest is charged at a rate of 12.2% per annum computed on the monthly balance.
Repayment Schedule

Payment
number		Balance
before payment
Amount
paid
Interest
paid
Principal
repaid		Balance
after
payment
0​​​​12.00.00
1​​​​​
2​​​​​
3​​​​​
4​​​​​
5​​​​​
6​​​​​
Totals​​​​​
Required: Complete the repayment schedule (this includes totalling of the Payment, Interest paid and Principal repaid columns to check the accuracy of your work).

a) What is the loan balance after the third payment?
b) What is the total amount needed to repay the loan?
Contemporary Business Mathematics with Canadian Applications ¦ Hummelbrunner, Halliday, Coombs ¦ 11th Edition
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Marked as best answer by ap345 on Jun 6, 2019

bd5255

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Reply #1 on: Jun 6, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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ap345

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Reply 2 on: Jun 6, 2019
Thanks for the timely response, appreciate it

laurnthompson

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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