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Home Q & A Board Science-Related Homework Help Mathematics
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mkjmabrey mkjmabrey
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A year ago
Bronwyn's $15,000 line of credit is at prime plus 2.5%. The minimum payment (the greater of $100 or 3% of the combined principal and accrued interest) is automatically deducted from her chequing account on the 15th of each month. After the payment on August 15, her balance was $3589.80. To reduce the loan faster, she makes an additional discretionary payment of $300 on the last day of each month. Each $300 payment is applied entirely to principal. Complete the repayment schedule below. The prime rate was at 6.25% on August 15 but dropped 0.25% effective October 11.
DateNumber of DaysInterest Rate (%)Interest ($)Accrued Interest ($)Payment (Advance) ($)Principal Portion ($)Balance ($)
Aug 15------3589.80
Aug 31168.7513.7713.77???
Sep 15158.7511.8325.6010074.403215.40
Sep 30158.7511.5611.563003002915.40
??8.757.6919.25???
Oct 1548.52.7221.97???
Oct 31168.510.5710.573003002537.37
Nov 15158.58.8619.4310080.572456.80
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
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12Jfiscus12Jfiscus
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A year ago
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mkjmabrey Author
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A year ago
Thank you, thank you, thank you!
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Just got PERFECT on my quiz
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You make an excellent tutor!
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