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Everlyne has a personal LOC with her bank with a maximum credit limit of $9,000.00 The interest rate is prime plus 1.25%, and the

Everlyne has a personal LOC with her bank with a maximum credit limit of $9,000.00 The interest rate is prime  

Everlyne has a personal LOC with her bank with a maximum credit limit of $9,000.00 The interest rate is prime plus 1.25%, and the current prime rate is 4.5%. Regardless of any account transaction activity, her bank requires on the first of every month for her to pay the greater of 5% of the current balance or $100 from her checking account. She is allowed to exceed her maximum credit limit, but if she does the entire balance is subject to 23% interest until such time as the balance is restored below the credit limit. On October 1, the opening balance on her LOC was $2,700.00. She took advances of $3,700.00 $3,500.00, and $3,800.00 on October 19, November 18, and December 1, respectively. She made payments of $3,100.00, $4,100.00, and $3,800.00 on November 1, November 24, and December 20, respectively. The prime rate decreased by 0.25% on November 7. Complete the repayment schedule below by filling in the interest charges for October, November, and December Date Oct 1 Oct 19 Nov 1 Nov 7 Nov 18 Nov 24 Balance before Transaction Annual Interest Rate $2.700.00 5.75% 18/365 $6,400.00 5.75% 13/365 $2,999.73 5.75% 6/365 $2.999 73 $6,499.73 5.5% Number Interest Accrued of Days Charged Interest 5.5% 11/365 6/365 2 Payment (+) or Principal Balance after Advance Amount Transaction (-) -$3,700.00 $3,700.00 $3,421 04 $3,400 27 $0.00 $0 00 $3.500.00 $3,500.00 $4,100.00 $4.100.00 $2.700.00 $6,400 00 $2,999 73 $2.999.73 $6.499.73 $2,399.73

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