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-DATES ARE NOT INCLUSIVE
Loans Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime + 2.75%. Her current balance owing on November 1 is $13,250.00 and she is required to make interest-only payments on the first of every month. The prime rate is set at 3.25%. 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 all Number of Days quantities as fractions, as shown in the textbook examples.) Balance before Transaction Date Annual Interest Rate Number of Days Interest Charged Payment (+) or Advance Accrued Interest Principal Amount Balance after Transaction Nov 1 $13,250.00 Dec 1 6% Jan 1 6% Jan 19 6% $2,750.00 Feb 1 6% Loans A $7,700.00 demand loan was taken out on March 4 at a fixed interest rate of 7.69% with fixed monthly payments of $1,230.00. The first monthly payment is due April 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, as shown in the textbook examples.) Date Balance before Transaction Annual Interest Rate Number of Days Interest Charged Accrued Interest Payment (+) or Advance (-) Principal Amount Balance after | Transaction Mar 4 $7,700.00 Apr 4 7.69% May 4 7.69% Jun 4 7.69% Jul 4 7.69% Aug 4 7.69% Sep 4 7.69% Oct 4 7.69% Loans Amarjeet graduated from the University of Calgary on May 2 and has student loans totalling $32,000.00. The prime rate upon graduation was 5%. He has decided to pay in full the interest charged during the grace period (i.e., he is not converting it to principal) before starting monthly payments of $675.00 at the fixed interest rate. Calculate the total interest paid during the grace period and the first three months of his 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 all Number of Days quantities as fractions, as shown in the textbook examples.) Annual Balance before Transaction Date Number of Days Interest Rate Payment (+) or Advance Interest Charged Accrued Interest Principal Amount Balance after Transaction $32,000.00 June 1 Nov 30 (inclusive) 7.5% $0.00 Dec 31 10% $675.00 Jan 31 10% $675.00 Feb 29 10% $675.00 Loans Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime + 2.75%. Her current balance owing on November 1 is $13,250.00 and she is required to make interest-only payments on the first of every month. The prime rate is set at 3.25%. 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 all Number of Days quantities as fractions, as shown in the textbook examples.) Balance before Transaction Date Annual Interest Rate Number of Days Interest Charged Payment (+) or Advance Accrued Interest Principal Amount Balance after Transaction Nov 1 $13,250.00 Dec 1 6% Jan 1 6% Jan 19 6% $2,750.00 Feb 1 6% Loans A $7,700.00 demand loan was taken out on March 4 at a fixed interest rate of 7.69% with fixed monthly payments of $1,230.00. The first monthly payment is due April 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, as shown in the textbook examples.) Date Balance before Transaction Annual Interest Rate Number of Days Interest Charged Accrued Interest Payment (+) or Advance (-) Principal Amount Balance after | Transaction Mar 4 $7,700.00 Apr 4 7.69% May 4 7.69% Jun 4 7.69% Jul 4 7.69% Aug 4 7.69% Sep 4 7.69% Oct 4 7.69% Loans Amarjeet graduated from the University of Calgary on May 2 and has student loans totalling $32,000.00. The prime rate upon graduation was 5%. He has decided to pay in full the interest charged during the grace period (i.e., he is not converting it to principal) before starting monthly payments of $675.00 at the fixed interest rate. Calculate the total interest paid during the grace period and the first three months of his 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 all Number of Days quantities as fractions, as shown in the textbook examples.) Annual Balance before Transaction Date Number of Days Interest Rate Payment (+) or Advance Interest Charged Accrued Interest Principal Amount Balance after Transaction $32,000.00 June 1 Nov 30 (inclusive) 7.5% $0.00 Dec 31 10% $675.00 Jan 31 10% $675.00 Feb 29 10% $675.00
