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On May 15, Julio borrowed S880.00 from Sheridan Credit Union at 6.2% per annum calculated on the daily balance. He gave the credit union six
On May 15, Julio borrowed S880.00 from Sheridan Credit Union at 6.2% per annum calculated on the daily balance. He gave the credit union six cheques for $140.00 dated the 15th of each of the next six months starting June 15 and a cheque dated December 15 for the remaining balance to cover payment of interest and repayment of principal. 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 0 May 15 June 15 Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment $880.00 $880.00 $140.00
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