You Borrowed the Amount Indicated in the Balance After Payment

question 54

Essay

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.
Required: Complete the repayment schedule (this includes totalling 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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Definitions:

Light Pupillary Reflex

The light pupillary reflex is the involuntary constriction of the pupil in response to light exposure, helping to protect the retina from excessive light damage.

Constriction

Constriction refers to the narrowing of a passage or vessel, often as a response to nerve signaling or chemical stimuli.

Iris

The colored part of the eye that controls the size of the pupil and, consequently, the amount of light that enters the eye.

Ventral Body

Pertaining to the front or anterior part of the body; opposite to the dorsal side.