On April8, Manuel borrowed $730.00 from his uncle at 5.5% per annum calculated on the daily balance. He gave his uncle six cheques for $110.00 dated the 8th of each of the next six months starting May 8 and a cheque dated November 8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment 0 Apr. 8 $730.00 1 May 8 $730.00 $110.00 $..... $...... $...... 2 June 8 $..... $110.00 $....... $....... $....... 3 July 8 $...... $110.00 $...... $....... $....... 4 Aug. 8 $........ $110.00 $........ $........ $........ 5 Sept. 8 $....... $110.00 $....... $...... $....... 6 Oct. 8 $....... $110.00 $....... $....... $....... 7 Nov. 8 $...... $....... $....... $....... $0.00 Totals: $....... $........ $........
On April8, Manuel borrowed $730.00 from his uncle at 5.5% per annum calculated on the daily balance. He gave his uncle six cheques for $110.00 dated the 8th of each of the next six months starting May 8 and a cheque dated November 8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment 0 Apr. 8 $730.00 1 May 8 $730.00 $110.00 $..... $...... $...... 2 June 8 $..... $110.00 $....... $....... $....... 3 July 8 $...... $110.00 $...... $....... $....... 4 Aug. 8 $........ $110.00 $........ $........ $........ 5 Sept. 8 $....... $110.00 $....... $...... $....... 6 Oct. 8 $....... $110.00 $....... $....... $....... 7 Nov. 8 $...... $....... $....... $....... $0.00 Totals: $....... $........ $........
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 7EB: McMasters Inc. specializes in BBQ accessories. In order for the company to expand its business, they...
Related questions
Question
On April8, Manuel borrowed $730.00 from his uncle at 5.5% per annum calculated on the daily balance. He gave his uncle six cheques for $110.00
dated the 8th of each of the next six months starting May 8 and a cheque dated November 8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid.
dated the 8th of each of the next six months starting May 8 and a cheque dated November 8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid.
Complete the repayment schedule below. (Round to the nearest cent as needed.)
|
Payment Number
|
Balance Before Payment
|
Amount Paid
|
Interest Paid
|
Principal Repaid
|
Balance After Payment
|
|
0
Apr.
8 |
|
|
|
|
$730.00
|
|
1
May
8 |
$730.00
|
$110.00
|
$.....
|
$......
|
$......
|
|
2
June
8 |
$.....
|
$110.00
|
$.......
|
$.......
|
$.......
|
|
3
July
8 |
$......
|
$110.00
|
$......
|
$.......
|
$.......
|
|
4
Aug.
8 |
$........
|
$110.00
|
$........
|
$........
|
$........
|
|
5
Sept.
8 |
$.......
|
$110.00
|
$.......
|
$......
|
$.......
|
|
6
Oct.
8 |
$.......
|
$110.00
|
$.......
|
$.......
|
$.......
|
|
7
Nov.
8 |
$......
|
$.......
|
$.......
|
$.......
|
$0.00
|
|
Totals:
|
|
$.......
|
$........
|
$........
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning