Lindsey

borrowed

$1040.00

from the

Merchant

Bank at

8.6%

per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments of

$220.00

per month. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid.

Complete the repayment schedule below. (Round to the nearest cent as needed.)

Payment Number	Balance Before Payment	Amount Paid	Interest Paid	Principal Repaid	Balance After Payment
0					$1040.00
1	$1040.00	$220.00	$nothing	$nothing	$nothing

2

$nothing

$220.00

$nothing

$nothing

$nothing

3

$nothing

$220.00

$nothing

$nothing

$nothing

4

$nothing

$220.00

$nothing

$nothing

$nothing

5

$nothing

$nothing

$nothing

$nothing

$0.00