14. On May 8, Manuel borrowed $700.00 from his uncle at 4.2% per annum calculated...
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14. On May 8, Manuel borrowed $700.00 from his uncle at 4.2% per annum calculated on the daily balance. He gave his uncle six cheques for $110.00 dated the 8th of each of the next six months starting June 8 and a cheque dated December 8 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.) Balance Before Payment Amount Paid Interest Paid Principal Repaid Payment Number 0 May 8 Balance After Payment $700.00 1 June 8 $700.00 $110.00 $ 2.90 $ 2 July 8 $110.00 $ $ 3 Aug. 8 $ $110.00 $ $ 4 Sept. 8 $ $110.00 A A A $ $ $ 5 Oct. 8 $110.00 $ $ $ $ $ 6 Nov. 8 $ $110.00 $ $ $ 7 Dec. 8 $ $ $ $ $0.00 Totals: $ $ $
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