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]

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Only 55% of students answer this correctly

[ap345]

YES! Correct, THANKS for helping me on my review

[Dnite]

Excellent