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Home Q & A Board Science-Related Homework Help Mathematics
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tootsiebrowny tootsiebrowny
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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
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
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LeonKennedySLeonKennedyS
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A year ago
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