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: $....... $........ $........
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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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:
|
|
$.......
|
$........
|
$........
|
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