Question: 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

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. Prepare the full repayment schedule for the loan. Assume that the interest rate remained at 8.75% for the life of the loan.

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