FIGURE 81 Basic Design of a Loan Repayment Schedule

question 41

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:

Capacitor

A device made with two conductive plates separated by an insulator or dielectric.

Polarized Capacitors

Capacitors that are sensitive to polarity.

DC

Direct Current, a type of electrical current where the flow of electric charge is in one direction.

Series Connection

A method of connecting electrical components end-to-end, so the same current flows through each component.