Top Posters
Since Sunday
o
5
b
4
4
s
3
j
3
b
3
m
3
K
3
g
3
L
3
w
3
m
3
Home Q & A Board Science-Related Homework Help Mathematics
New Topic  
tootsiebrowny tootsiebrowny
wrote...
Go to Answer
Posts: 145
Rep: 1 0
A year ago
Dr. Robillard obtained a $75,000 operating line of credit at prime plus 3%. Accrued interest up to but not including the last day of the month is deducted from his bank account on the last day of each month. On February 5 (of a leap year) he received the first draw of $15,000. He made a payment of $10,000 toward principal on March 15, but took another draw of $7000 on May 1. Complete the loan repayment schedule below. Assume that the prime rate remained at 5.5% through to the end of May.
DateNumber of DaysInterest Rate (%)Interest ($)Accrued Interest ($)Payment (Advance) ($)Principal Portion ($)Balance ($)
Feb 5----(15,000)(15,000)15,000
Feb 29248.583.8483.8483.84015,000
Mar 15158.552.4052.40???
Mar 31?8.5???05,000
Apr 30308.534.9334.9334.9305,000
May 118.51.161.16(7,000)(7,000)12,000
May 31308.583.8485.0085.00012,000
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
Read 43 times
1 Reply
Replies
Answer verified by a subject expert
LeonKennedySLeonKennedyS
wrote...
#1
Posts: 128
Rep: 0 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

tootsiebrowny Author
wrote...

A year ago
Smart ... Thanks!
njn;l
wrote...

Yesterday
Thank you, thank you, thank you!
2ne1_12345
wrote...

2 hours ago
Thanks for your help!!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1297 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 148
  
 159
  
 286
Your Opinion
Who will win the 2024 president election?
Votes: 10
Closes: November 4
Previous poll results: Which country would you like to visit for its food?