On November 1, 2022, you borrow $350 cash from a loan store. The terms of the...

 

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On November 1, 2022, you borrow $350 cash from a loan store. The terms of the loan require that you pay 4 equal monthly installment payments starting on December 1st and due on the 1st of each month with a grace period of 5 days. The interest rate is 13%, the installment monthly payment amount is $89.88. With your first payment being on December 3rd, fill in the table below, finding the interest earned each period based on the date of payment along with the amount to principal and new balance. Using the U.S. Rule to calculate the interest. On November 1, 2022, you borrow $350 cash from a loan store. The terms of the loan require that you pay 4 equal monthly installment payments starting on December 1st and due on the 1st of each month with a grace period of 5 days. The interest rate is 13%, the installment monthly payment amount is $89.88. With your first payment being on December 3rd, fill in the table below, finding the interest earned each period based on the date of payment along with the amount to principal and new balance. Using the U.S. Rule to calculate the interest.

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To calculate the interest earned each period amount to principal and new balance we can use the US R... View the full answer