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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
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 $12,000.00 on March 16 and May 7 , respectively. She made additional payments of $9,000.00 and $14,000.00 on April 6 and June 5 . The interest rate on her HELOC sits at prime plus 1.25%. On March 1 , the prime rate was 3.25%. On April 26 , it rose by 0.75%. Complete the repayment schedule below by filling in the appropriate numbers of days. (Give all "Number of Days" quantities as fractions with denominator 365. )
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