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A 5 % promissory note for was issued 1 8 3 days ago. How much cash is needed today to pay the note? SportZ has
A promissory note for was issued days ago. How much cash is needed today to pay the note?
SportZ has secured a line of credit with the Bank of Alberta. The following transactions were made for the last month. The account receives daily interest of pa on positive balances and pays daily interest of pa on negative balances. The limit on the line of credit is Overdraft interest of pa is charged on the daily amount exceeding the line of credit limit For each transaction causing an overdraft or adding to an overdraft, a service charge of is applied. Calculate the interest, overdraft interest, service charges, and the monthend balance for the line of credit.
Date
Transaction Description
Deposit
Withdrawal
Balance
March
Balance
Cheque
Cheque
Deposit
Cheque
Cheque
Deposit
Deposit
Interest charged
Overdraft interest
Service charge
SportZ has negotiated a loan of with interest at per annum, to be paid as monthend payments of over the next year. Construct a loan amortization schedule to answer the following questions.
How much interest is paid over the first two months?
How much of the principal is paid by the end of the first two months?
How much interest is paid over the term of the loan?
What is the amount of the final payment?
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