Question
Kevin has a $21,000 personal line of credit at prime plus 3% with the Bank. His minimum end-of- month payment is the greater of $100
Kevin has a $21,000 personal line of credit at prime plus 3% with the Bank. His minimum end-of- month payment is the greater of $100 or 4% of the combined principal and accrued interest. After his payment on April 30, his balance was $3,046.33. On May 21, he used his income tax refund to make a principal payment of $1,000. On July 16, he took a $7,000 advance to buy a motorcycle. The prime rate began at 6%, rose 0.25% on June 25 and jumped another 0.25% on July 18.
Show me a loan repayment schedule showing details of payment on May 31, June 30 and July 31.
loan repayment schedule table should be look like this:
| Date | # of days | Interest rate | Interest | Accrued Interest | Payment(advance) | Principal portion | Balance |
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