A $7,700.00 demand loan was taken out on March 4 at a fixed interest rate...
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A $7,700.00 demand loan was taken out on March 4 at a fixed interest rate of 7.7% with fixed monthly payments of $1,220.00. The first monthly payment is due April 4 and the 4th of every month thereafter. Prepare a full repayment schedule for the loan. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, - $149,63") (Give all "Number of Days" quantities as fractions with denominator 365.) Payment Balance Annual Number Interest Accrued (+) or Principal Balance after Transaction of Days Charged Interest Advance (-) $7,700.00 7.796 Date before Interest Rate Amount Transaction Mar 4 Apr 4 May 4 7.7% Jun 4 7.7% Jul 4 7.7% Aug 4 7.7% Sep 4 7.7% Oct 4 7.7%
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