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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
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 $15,000.00. She took advances of $7,000.00 and $13,000.00 on March 16 and May 4, respectively. She made additional payments of $5,000.00 and $14,000.00 on April 10 and June 13. The interest rate on her HELOC sits at prime plus 1.5%. On March 1, the prime rate was 3%. On April 21, it rose by 0.25%. Complete the repayment schedule below by filling in the appropriate numbers of days. (Give all "Number of Days" quantities as fractions with denominator 365.) Date Mar 1 Mar 16 Apr 1 Apr 10 Apr 21 May 1 May 4 Jun 1 Jun 13 Jul 1 Balance Annual before Interest Transaction Rate $15,000.00 4.5% $22,000.00 4.5% $22,000.00 4.5% $17,000.00 4.5% $17,000.00 4.75% $17,000.00 $30,000.00 4.75% $30,000.00 4.75% $16,000.00 4.75% 4.75% Number Interest Accrued of Days Charged Interest r Payment (+) or Advance (-) Principal Amount $27.74 $27.74 -$7,000.00 -$7,000.00 $43.40 $71.14 $71.14 $0.00 $24.41 $24.41 $5,000.00 $5,000.00 $23.05 $47.46 $0.00 $0.00 $22.12 $69.58 $69.58 $0.00 -$13,000.00 -$13,000.00 $6.64 $6.64 $109.32 $115.96 $115.96 $0.00 $46.85 $46.85 $14,000.00 $14,000.00 $37.48 $84.33 $84.33 $0.00 Balance after Transaction $15,000.00 $22,000.00 $22,000.00 $17,000.00 $17.000.00 $17,000.00 $30,000.00 $30,000.00 $16,000.00 $16,000.00
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