Essay
You borrowed the amount indicated in the Balance after payment column of the following schedule from your friendly credit union.You agreed to repay the loan in monthly payments equal to 
of the original loan,including interest due and principal.Interest is charged at a rate of 12.2% per annum computed on the monthly balance.
Required: Complete the repayment schedule (this includes totalling of the Payment,Interest paid and Principal repaid columns to check the accuracy of your work).
a)What is the loan balance after the third payment?
b)What is the total amount needed to repay the loan?
Correct Answer:
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a)$509.62...View Answer
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Correct Answer:
Verified
a)$509.62...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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