You borrowed the amount indicated in the Balance after payment ...

[ap345]

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?

[bd5255]

A FREE account is required to view all solutions! Click to Register

Login with Facebook Login with Google Login with Email

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.

Answer Preview

Only 55% of students answer this correctly

[ap345]

Great answer, keep it coming

[raenoj]

Gracias!