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Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime + 2%. Her current balance owing on November 1 is
Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime + 2%. Her current balance owing on November 1 is $14,750.00 and she is required to make interest-only payments on the first of every month. The prime rate is set at 3.75%. She makes one payment of $2,000.00 on January 19. Create three months of her repayment schedule. (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 denominator 365.) Date Balance Annual before Interest Transaction Rate Number of Days Charged Interest Accrued Interest Payment (+) or Advance (-) Principal Amount Balance after Transaction Nov 1 $14,750.00 Dec 1 5.75% Jan 1 5.75% Jan 19 5.75% $2,000.00 Feb 1 5.75%
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