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Home Q & A Board Science-Related Homework Help Mathematics
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DoveNinja763537 DoveNinja763537
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A year ago
Hercules Sports obtained a $60,000 operating line of credit on March 26. Interest charges at the rate of prime plus 3.5% were deducted from its chequing account on the eighteenth of each month. Hercules took an initial draw of $30,000 on March 31, when the prime rate was 4%. Further advances of $10,000 and $15,000 were taken on April 28 and June 1. Payments of $5000 and $10,000 were applied against the principal on June 18 and July 3. The prime rate rose to 4.25% effective May 14. Complete the repayment schedule below.
DateNumber of DaysInterest Rate (%)Interest ($)Accrued Interest ($)Payment (Advance) ($)Principal Portion ($)Balance ($)
Mar 31----(30,000)(30,000)30,000
Apr 18187.5???030,000
Apr 28107.561.6461.64(10,000)(10,000)40,000
May 14167.5131.51193.150040,000
May 1847.7533.97227.12227.12040,000
Jun 1147.75118.90118.90(15,000)(15,000)55,000
Jun 18177.75?????
Jul 3157.75159.25159.2510,00010,00040,000
Jul 18157.75127.40286.65286.65040,000
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
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navgilnavgil
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A year ago
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DoveNinja763537 Author
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A year ago
Just got PERFECT on my quiz
Gamiung3657
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Yesterday
Good timing, thanks!
ofsuahasiufhoas
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2 hours ago
You make an excellent tutor!
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