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7,8 Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.45%. On
7,8
Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.45%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14 , the company made advances of $14,750.00 and $11,750.00, respectively. On July 30 , it made a payment of $9,750.00. Vertical Adventures will restore its zero balance on August 31. Construct a full repayment schedule from July 8 to August 31 . (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-\$149.63".) (Give all "Number of Days" quantities as fractions with Rufaro has been a full-time student at the University of Manitoba for the past four years. She has just completed her bachelor of commerce degree from the Asper School of Business and her last day of exams was April 22. Her total student loan is $38,000.00. She has decided to take her sixmonth grace period and convert it to principal, then start making payments of $400.00 per month using the variable interest rate of prime +2.5%. The prime rate at the start of the grace period was 4%, after which it increased by 0.25% on August 3. Complete the table below to determine the total principal Rufaro will owe at the end of the grace period. (Give all "Number of Days" quantities as fractions with denominator 365.) Total simple interest charged during grace period: Total principal at end of grace period Step by Step Solution
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