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Student06 Student06
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A year ago
McKenzie Wood Products negotiated a $200,000 revolving line of credit with the Bank of Montreal at prime plus 2%. On the 20th of each month, interest is calculated (up to but not including the 20th) and deducted from the company's chequing account. If the initial loan advance of $25,000 on July 3 was followed by a further advance of $30,000 on July 29, complete the repayment schedule below. The prime rate was at 3% on July 3 and fell to 2.75% on August 5.
DateNumber of DaysInterest Rate (%)Interest ($)Accrued Interest ($)Payment (Advance) ($)Principal Portion ($)Balance ($)
Jul 3----(25,000)(25,000)25,000
Jun 20175???025,000
Jul 299530.8230.82(30,000)(30,000)55,000
Aug 57552.7483.560055,000
Aug 2015????055,000
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
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Quins184Quins184
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A year ago
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Student06 Author
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A year ago
Thanks
brina10
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Thank you, thank you, thank you!
mikey3091
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2 hours ago
Helped a lot
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