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PLEASE SOLVE A $7,300.00 demand loan was taken out on March 4 at a fixed interest rate of 7.65% with fixed monthly payments of $1,240.00.
PLEASE SOLVE
A $7,300.00 demand loan was taken out on March 4 at a fixed interest rate of 7.65% with fixed monthly payments of $1,240.00. The first monthly payment is due April 4 and the 4th of every month thereafter. Prepare a full repayment schedule for the loan. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63.) (Give all Number of Days quantities as fractions, as shown in the textbook examples.) Date Balance before Transaction Annual Interest Rate Number of Days Interest Charged Accrued Interest Payment (+) or Advance (-) Principal Amount Balance after Transaction Mar 4 $7,300.00 Apr 4 7.65% May 4 7.65% Jun 4 7.65% Jul 4 7.65% Aug 4 7.65% Sep 4 7.65% Oct 4 7.65%Step by Step Solution
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