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You qualify for a $10,400 loan from the Pharoah Student Loans Program to help finance your education. Once you graduate, you start repaying this note

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You qualify for a $10,400 loan from the Pharoah Student Loans Program to help finance your education. Once you graduate, you start repaying this note payable at an interest rate of 4.8%. The monthly cash payment is $109.29, principal and interest, for 120 payments (10 years). Prepare an instalment payment schedule for the first four payments. (Round answers to 2 decimal places, eg, 52.75.) Monthly Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date $ $ tA $ $ $ 1 N 2 3 4

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