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A $5000 demand loan was advanced on June 3. Fixed monthly payments of $1000 were required on the ...

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A $5000 demand loan was advanced on June 3. Fixed monthly payments of $1000 were required on the ...

A $5000 demand loan was advanced on June 3. Fixed monthly payments of $1000 were required on the first day of each month beginning July 1. Complete the loan repayment schedule below. Assume that the interest rate remained at 8.75% for the life of the loan.

Date	Number of Days	Interest Rate (%)	Interest ($)	Accrued Interest ($)	Payment (Advance) ($)	Principal Portion ($)	Balance ($)
Jun 3	-	-	-	-	-	-	5000
Jul 1	28	8.75	33.56	33.56	1000	?	?
Aug 1	31	8.75	?	?	1000	970.02	3063.54
Sep 1	31	8.75	22.77	22.77	1000	977.23	2086.31
Oct 1	30	8.75	15.00	15.00	1000	985.00	1101.31
Nov 1	31	8.75	8.18	8.18	1000	991.82	109.49
Dec 1	30	8.75	0.79	0.79	?	?	0

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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onetouch Author

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Thanks for your help!!

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this is exactly what I needed

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