This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: You borrowed the amount indicated in the Balance after payment column of the following schedule from ... (Read 60 times)

ap345

  • Hero Member
  • *****
  • Posts: 537
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by ap345 on Jun 6, 2019

bd5255

  • Sr. Member
  • ****
  • Posts: 386
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.
Answer Preview
Only 55% of students answer this correctly


ap345

  • Member
  • Posts: 537
Reply 2 on: Jun 6, 2019
:D TYSM

debra928

  • Member
  • Posts: 342
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

It is important to read food labels and choose foods with low cholesterol and saturated trans fat. You should limit saturated fat to no higher than 6% of daily calories.

Did you know?

Cocaine was isolated in 1860 and first used as a local anesthetic in 1884. Its first clinical use was by Sigmund Freud to wean a patient from morphine addiction. The fictional character Sherlock Holmes was supposed to be addicted to cocaine by injection.

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Absorption column with all inlet and outlet feeds Absorption column with all inlet and outlet feeds
Pilot-scale Glass Distillation Column Pilot-scale Glass Distillation Column
How to choose the right payment plan with changing conditions (Question 5) How to choose the right payment plan with changing conditions (Question 5)
Right lateral view showing low normal curves of the vertebral column Right lateral view showing low normal curves of the vertebral column
Converting enzyme activity to its amount Converting enzyme activity to its amount
Comparing Fluid Balance Comparing Fluid Balance
Video: Membrane Protein and Facilitated Transport (Passive Vs Active)

For a complete list of videos, visit our video library