Loans

Tumi Sharon Olorunfemi

Lynne has access to a HELOC that requires only the payment of accrued interest on the first of every month. On March $1,$ the opening balance on her HELOC was $$15,000\mathrm{.}00.$ She took advances of $$5,000\mathrm{.}00$ and $$12,000\mathrm{.}00$ on March $18$ and May $4,$ respectively. She made additional payments of $$7,000\mathrm{.}00$ and $$11,000\mathrm{.}00$ on April $8$ and June $11.$ The interest rate on her HELOC sits at prime plus $1\mathrm{.}25\%.$ On March $1,$ the prime rate was $3\%.$ On April $25,$ it rose by $0\mathrm{.}25\%.$

Complete the repayment schedule below by filling in the appropriate numbers of days.

$($Give all "Number of Days" quantities as fractions with denominator $365.)$

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