Use the Design Shown in Figure 8

question 19

Essay

Use the design shown in Figure 8.1 to construct a complete repayment schedule including the totaling of the Amount Paid, Interest Paid, and Principal Repaid columns for the following loan.
On April 22, Tim borrowed $2900.00 from Keewatin Credit Union at 6.5% per annum calculated on the daily balance. He gave the Credit Union four cheques for $535.00 dated the 15th of each of the next four months starting May 15 and a cheque dated October 15 for the remaining balance to cover payment of interest and repayment of principal.
-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
Required: Complete the repayment schedule (this includes totaling 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?

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