On May 8, Manuel borrowed $780.00 from his uncle at 4.6% per annum calculated on the daily balance. He gave his uncle six cheques for $120.00 dated the 8th of each of the next six months starting June 8 and a cheque dated December 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 O May 8 Balance Before Payment TT Amount Paid Interest Paid Principal Repaid Balance After Payment $780.00 1 June 8 $780.00 $120.00 2 July 8 $120.00 3 Aug. 8 $120.00 4 Sept. 8 $120.00 5 Oct. 8 $120.00 6 Nov. 8 $120.00 7 Dec. 8 $0.00 Totals:
On May 8, Manuel borrowed $780.00 from his uncle at 4.6% per annum calculated on the daily balance. He gave his uncle six cheques for $120.00 dated the 8th of each of the next six months starting June 8 and a cheque dated December 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 O May 8 Balance Before Payment TT Amount Paid Interest Paid Principal Repaid Balance After Payment $780.00 1 June 8 $780.00 $120.00 2 July 8 $120.00 3 Aug. 8 $120.00 4 Sept. 8 $120.00 5 Oct. 8 $120.00 6 Nov. 8 $120.00 7 Dec. 8 $0.00 Totals:
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 25DQ
Related questions
Question
Transcribed Image Text:On May 8, Manuel borrowed $780.00 from his uncle at 4.6% per annum calculated on the daily balance. He gave his uncle six cheques for $120.00 dated the 8th of each of the next six months starting June 8 and a cheque dated
December 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
0 May 8
1 June 8
Balance Before Payment
Amount Paid
Interest Paid
Principal Repaid
Balance After Payment
$780.00
$780.00
$120.00
2 July 8
$120.00
3 Aug. 8
$
$120.00
$
4 Sept. 8
$120.00
5 Oct. 8
$120.00
6 Nov. 8
$120.00
$4
7 Dec. 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
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College