Final answer:
To prepare an installment payment schedule using the revised installment payments of $1,318, you need to calculate the monthly installment and list the payments from December 25, 2024, to June 25, 2026.
Step-by-step explanation:
To prepare an installment payment schedule using the revised installment payments of $1,318, from December 25, 2024, to June 25, 2026, you can follow these steps:
Find the number of months between December 25, 2024, and June 25, 2026. There are 18 months in total.
Divide the total payment of $1,318 by the number of months to calculate the monthly installment. $1,318/18 = $73.22 (rounded to two decimal places).
Starting from December 25, 2024, list the monthly installment payments in chronological order until June 25, 2026:
December 2024: $73.22
January 2025: $73.22
February 2025: $73.22
March 2025: $73.22
April 2025: $73.22
May 2025: $73.22
June 2025: $73.22
July 2025: $73.22
August 2025: $73.22
September 2025: $73.22
October 2025: $73.22
November 2025: $73.22
December 2025: $73.22
January 2026: $73.22
February 2026: $73.22
March 2026: $73.22
April 2026: $73.22
May 2026: $73.22
June 2026: $73.22