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please help Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime + 2.25%. Her current balance owing on November 1
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Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime + 2.25%. Her current balance owing on November 1 is $14,000.00 and she is required to make interest-only payments on the first of every month. The prime rate is set at 4.25%. She makes one payment of $2,750.00 on January 19. Create three months of her repayment schedule. (Round all monetary values to the nearest penny) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, " $149.63") (Give al "Number of Days" quantities as fractions with denominator 365.) Payment Balance Annual Number Interest Principal Balance after Date before () or Interest Transaction of Days Charged Interest Transaction (-) $14,000.00 6.5% Accrued Advance Rate Amount Nov 1 Dec 1 Jan 1 6.5% Jan 19 8.5% $2,750,00 Feb 1 6.5% A $7,550.00 demand loan was taken out on March 4 at a fixed interest rate of 7,68% with fixed monthly payments of $1,220.00. The first monthly payment is due Apni 4 and the 4th of every month thereafter. Prepare a full repayment schedule for the loan. (Round all monetary values to the nearest penny) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, $149.63") (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged interest Payment (+) or Advance (-) Principal Balance after Amount Transaction Mar 4 $7,550.00 Apr 4 7.68% May 4 7.68% Jun 4 7.68% Jul 4 7.68% 7.68% Aug 4 Sep 4 7.68% Oct 4 7.5896 Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.45%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $12,250.00 and $12,750.00, respectively. On July 30, it made a payment of $8,250.00. Vertical Adventures will restore its zero balance on August 31. Construct a full repayment schedule from July 8 to August 31. (Round all monetary values to the nearest penny) (Use a minus sign before the dollar sign to denoto a negative monetary value. For example, "-$149.63") (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Payment (*) or Advance Principal Balance after Amount Transaction Jul 8 Jul 30 $12,250.00 7.45% Jul 31 7.45% Aug 14 7.45% Aug 31 7.45% Rufaro has been a tull-time student at the University of Manitoba for the past four years. She has just completed her bachelor of commerce degree from the Asper School of Business and her last day of exams was April 27. Her total student loan is $41,000.00. She has decided to take her six-month grace period and convert it to principal, then start making payments of $400.00 per month using the variable interest rate of prime + 2.5%. The prime rate at the start of the grace period was 3.25%, after which it increased by 0.75% on August 11 Complete the table below to determine the total principal Rufaro will awe at the end of the grace period. (Give all "Number of Days" quantities as fractions with denominator 365.) Interest Charged (Prt) Balance Annual Number Date Range Interest Rate (P) of Days (c) (1) May 1 to Aug 11 % Aug 11 to Oct 31 Inclusive Total imple interest charged during grace period: Total principal at end of grace period Lacy has a $48,500.00 student loan when she graduates on May 4, and the prime rate is set at 5%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $825.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule. Calculate the total interest charged for both the grace period and the four payments combined. Assume February does not involve a leap year. Round all monetary values to the nearest ponny) (Use a minus sign before the dollar sign to donate a negative moretary value. For example, "$149,63") (Give all "Number of Daya" quantities as fractions with denominator 365) Date Balance before Transaction Annual Interest Rate Payment Number Interest Accrued (4) or of Days Charged interest Advance Principal Balance after Amount Transaction $48,500.00 June 1 Nov 30 (inclusive) Dec 31 75% 7.5% Jan 31 7.5% Feb 28 7.5% Mar 31 75% Total combined interest charged for grace period and first four months Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime + 2.25%. Her current balance owing on November 1 is $14,000.00 and she is required to make interest-only payments on the first of every month. The prime rate is set at 4.25%. She makes one payment of $2,750.00 on January 19. Create three months of her repayment schedule. (Round all monetary values to the nearest penny) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, " $149.63") (Give al "Number of Days" quantities as fractions with denominator 365.) Payment Balance Annual Number Interest Principal Balance after Date before () or Interest Transaction of Days Charged Interest Transaction (-) $14,000.00 6.5% Accrued Advance Rate Amount Nov 1 Dec 1 Jan 1 6.5% Jan 19 8.5% $2,750,00 Feb 1 6.5% A $7,550.00 demand loan was taken out on March 4 at a fixed interest rate of 7,68% with fixed monthly payments of $1,220.00. The first monthly payment is due Apni 4 and the 4th of every month thereafter. Prepare a full repayment schedule for the loan. (Round all monetary values to the nearest penny) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, $149.63") (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged interest Payment (+) or Advance (-) Principal Balance after Amount Transaction Mar 4 $7,550.00 Apr 4 7.68% May 4 7.68% Jun 4 7.68% Jul 4 7.68% 7.68% Aug 4 Sep 4 7.68% Oct 4 7.5896 Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.45%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $12,250.00 and $12,750.00, respectively. On July 30, it made a payment of $8,250.00. Vertical Adventures will restore its zero balance on August 31. Construct a full repayment schedule from July 8 to August 31. (Round all monetary values to the nearest penny) (Use a minus sign before the dollar sign to denoto a negative monetary value. For example, "-$149.63") (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Payment (*) or Advance Principal Balance after Amount Transaction Jul 8 Jul 30 $12,250.00 7.45% Jul 31 7.45% Aug 14 7.45% Aug 31 7.45% Rufaro has been a tull-time student at the University of Manitoba for the past four years. She has just completed her bachelor of commerce degree from the Asper School of Business and her last day of exams was April 27. Her total student loan is $41,000.00. She has decided to take her six-month grace period and convert it to principal, then start making payments of $400.00 per month using the variable interest rate of prime + 2.5%. The prime rate at the start of the grace period was 3.25%, after which it increased by 0.75% on August 11 Complete the table below to determine the total principal Rufaro will awe at the end of the grace period. (Give all "Number of Days" quantities as fractions with denominator 365.) Interest Charged (Prt) Balance Annual Number Date Range Interest Rate (P) of Days (c) (1) May 1 to Aug 11 % Aug 11 to Oct 31 Inclusive Total imple interest charged during grace period: Total principal at end of grace period Lacy has a $48,500.00 student loan when she graduates on May 4, and the prime rate is set at 5%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $825.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule. Calculate the total interest charged for both the grace period and the four payments combined. Assume February does not involve a leap year. Round all monetary values to the nearest ponny) (Use a minus sign before the dollar sign to donate a negative moretary value. For example, "$149,63") (Give all "Number of Daya" quantities as fractions with denominator 365) Date Balance before Transaction Annual Interest Rate Payment Number Interest Accrued (4) or of Days Charged interest Advance Principal Balance after Amount Transaction $48,500.00 June 1 Nov 30 (inclusive) Dec 31 75% 7.5% Jan 31 7.5% Feb 28 7.5% Mar 31 75% Total combined interest charged for grace period and first four months Step by Step Solution
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