Biology Forums - Study Force

Benjamin has a $20,000 personal line of credit at prime plus 2% with his credit union. His minimum end-of-month payment is the greater of $100 or 3% of the combined principal and accrued interest. After his payment on April 30, his balance was $3046.33. On May 23, he used his income tax refund to make a principal payment of $1000. On July 17, he took a $7000 advance to purchase a car. The prime rate began at 6%, rose 0.25% on June 25, and jumped another 0.25% on July 18. Complete the loan repayment schedule below.

Date	Number of Days	Interest Rate (%)	Interest ($)	Accrued Interest ($)	Payment (Advance) ($)	Principal Portion ($)	Balance ($)
Apr 30	-	-	-	-	-	-	3046.33
May 23	23	8	15.36	15.36	1000	?	?
May 31	8	8	3.59	18.95	100	?	?
Jun 25	25	8	10.77	10.77	0	0	1965.28
Jun 30	5	8.25	2.22	12.99	100	87.01	1878.27
Jul 17	17	8.25	7.22	7.22	(7000)	(7000)	8878.27
Jul 18	1	?	2.01	9.23	0	0	8878.27
Jul 31	13	8.5	26.88	36.11	?	?	?

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