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Home Q & A Board Science-Related Homework Help Mathematics
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agoldberg2011 agoldberg2011
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A year ago
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 $7000 advance to purchase a car. The prime rate began at 6%, rose 0.25% on June 25, and jumped another 0.25% on July 18. Complete the loan repayment schedule below.
DateNumber of DaysInterest Rate (%)Interest ($)Accrued Interest ($)Payment (Advance) ($)Principal Portion ($)Balance ($)
Apr 30------3046.33
May 2323815.3615.361000??
May 31883.5918.95100??
Jun 2525810.7710.77001965.28
Jun 3058.252.2212.9910087.011878.27
Jul 17178.257.227.22(7000)(7000)8878.27
Jul 181?2.019.23008878.27
Jul 31138.526.8836.11???
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
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kuteemekuteeme
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A year ago
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agoldberg2011 Author
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A year ago
Good timing, thanks!
logbi
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Yesterday
This site is awesome
jodie1
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2 hours ago
Smart ... Thanks!
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