Loans

Tumi Sharon Olorunfemi

Everlyne has a personal LOC with her bank with a maximum credit limit of $$10,000\mathrm{.}00.$ The interest rate is prime plus $1\mathrm{.}5\%,$ and the current prime rate is $5\%.$ Regardless of any account transaction activity, her bank requires on the first of every month for her to pay "the greater of $5\%$ of the current balance or $$100$ from her checking account. She is allowed to exceed her maximum credit limit$,$ but if she does the entire balance is subject to $21\%$ interest until such time as the balance is restored below the credit limit$.$ On October $1,$ the opening balance on her LOC was $$2,300\mathrm{.}00.$ She took advances of $$3,600\mathrm{.}00,$$$4,900\mathrm{.}00,$ and $$3,500\mathrm{.}00$ on October $24,$ November $16,$ and December $1,$ respectively. She made payments of $$3,600\mathrm{.}00,$$$4,400\mathrm{.}00,$ and $$4,000\mathrm{.}00$ on November $1,$ November $25,$ and December $10,$ respectively. The prime rate decreased by $0\mathrm{.}75\%$ on November $9.$

Complete the repayment schedule below by filling in the interest charges for October, November, and December.

$\backslash$table$[[$Date$,\backslash$table$[[$Balance$],[$before$],[$Transaction$]],\backslash$table$[[$Annual$],[$Interest$],[$Rate$]],\backslash$table$[[$Number$],[$of Days$]],\backslash$table$[[$Interest$],[$Charged$]],\backslash$table$[[$Payment$],[$Accrued$],[$Interest$],[$Advance$],[(-)$