Question
Yoda Toy Company makes a new stuffed baby yoda that is very popular. They decide to expand their factory to be able to sell more,
Yoda Toy Company makes a new stuffed baby yoda that is very popular. They decide to expand their factory to be able to sell more, and borrow 570000 from the Republic Bank on 16-Jan-2019 at 8.2%. They make a payment of 199500 on 15-Feb-2019 and another payment of 114000 on 31-Mar-2019. What is the amount of their final payment on 26-May-2019? Use the table to help you make your calculations.
Date | DBD | Interest (8.2%) | Payment | Reduce Balance by | New Balance |
16-Jan-2019 | 570,000 | ||||
15-Feb-2019 | DBD 1 | Interest 1 | Payment 1 | RB 1 | New Balance 1 |
31-Mar-2019 | DBD 2 | Interest 2 | Payment 2 | RB 2 | New Balance 2 |
26-May-2019 | DBD 3 | Interest 3 | Final Balance |
DBD 1 :
Interest 1 :
Payment 1 :
Reduce Balance by (RB 1) :
New Balance 1 :
DBD 2 :
Interest 2 :
Payment 2 :
Reduce Balance by (RB 2) :
New Balance 2 :
DBD 3 :
Interest 3:
Final Payment :
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