FIGURE 81 Basic Design of a Loan Repayment Schedule

question 57

Essay

FIGURE 8.1 Basic Design of a Loan Repayment Schedule
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.

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Definitions:

Secondary Socialization

The process of learning appropriate behavior and norms in society beyond the immediate family, through entities such as schools, peer groups, and media.

Primary Socialization

The initial phase of social learning in childhood through which individuals become aware of societal norms and values, largely influenced by family and immediate social environment.

Role-taking

The process of mentally assuming the perspective of another person to understand their thoughts, actions, or feelings.

Cultural Capital

A set of non-financial social assets including education, intellect, style of speech, and dress, that promote social mobility beyond economic means.