Recent Posts • Latest Topics • Unanswered Questions

Doina borrowed $7000 from her credit union on a demand loan on July 20 to purchase a motorcycle. The ...

mktrujillo

wrote...

Go to Answer

Posts: 158

Rep:

A year ago

Doina borrowed $7000 from her credit union on a demand loan on July 20 to purchase a motorcycle. The ...

Doina borrowed $7000 from her credit union on a demand loan on July 20 to purchase a motorcycle. The terms of the loan require fixed monthly payments of $1400 on the first day of each month, beginning September 1. The floating rate on the loan is prime plus 3%. The prime rate started at 5.75%, but rose 0.5% on August 19, and another 0.25% effective November 2. Complete the loan repayment schedule below.

Date	Number of Days	Interest Rate (%)	Interest ($)	Accrued Interest ($)	Payment (Advance) ($)	Principal Portion ($)	Balance ($)
Jul 20	-	-	-	-	-	-	7000
Aug 19	30	8.75	?	?	0	0	7000
Sep 1	13	9.25	23.06	73.40	1400	1326.60	5673.40
Oct 1	30	9.25	43.13	43.13	1400	1356.87	4316.53
Nov 1	31	9.25	33.91	33.91	1400	1366.09	2950.44
Nov 2	1	?	0.75	0.75	0	0	2950.44
Dec 1	29	9.5	22.27	23.02	1400	?	?
Jan 1	31	9.5	12.70	12.70	1400	1387.30	186.16
Feb 1	31	9.5	1.50	1.50	?	?	0

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

Read 43 times

1 Reply

Report

Replies

Answer verified by a subject expert

patriciakim08

wrote...

Posts: 156

Rep:

A year ago

More solutions for this book are available here

Report

Related Topics

mktrujillo Author

wrote...

A year ago

Thanks for your help!!

Shassta22

wrote...

Yesterday

This site is awesome

momochiime

wrote...

2 hours ago

I appreciate what you did here, answered it right Smiling Face with Open Mouth

New Topic

Quick Reply

Explore

Post your homework questions and get free online help from our incredible volunteers

861 People Browsing

Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook

Live Chat

Related Images

643

243

467

Your Opinion

Previous poll results: Which of the following is the best resource to supplement your studies:

The Toxic Skin and Fungi Defense

Courses by Biology Forums

Strange Ingredients Lurking in Doritos Chips

It's sore throat season, why does my mucus have red spots?

Bonobos, Chimpanzees, and the 98% DNA Link

Ready to ask a question on Biology Forums? Try it out

Join Our Community

Biology Forums - Study Force is a free online homework help service catered towards college and high school students. Get homework help and answers to your toughest questions in biology, chemistry, physics, mathematics, engineering, accounting, business, humanities, and more. Master your assignments quickly with thousands of step-by-step solutions to countless textbook questions asked and answered by our members. If we don't have your question, don't worry. You can ask any homework question and get expert homework help in as little as two hours.

Our extensive online study community is made up of college and high school students, teachers, professors, parents and subject enthusiasts who contribute to our vast collection of study resources: textbook solutions, study guides, practice tests, practice problems, lecture notes, equation sheets and more. With our help, your homework will never be the same!

Join for free today

How is Biology Forums - Study Force different than tutoring?

Home Search Q & A Board Gallery Resource Library Blog Dictionary Chat	Quick Links Start a Topic Latest Topics Unanswered Questions Courses Study Tools Browse by Textbook	Social Facebook YouTube Community Stats Who's Online Trending Staff	Help About Us Take the Tour Study Tips Posting Guidelines Terms and Policies Contact Us
Biology Forums - Study Force © 2010-2024 \| Powered by SMF \| SMF © 2015, Simple Machines \| Sitemap Biology-Forums.com is not affiliated with any publisher. Book covers, title and author names appear for reference only.