PLEASE SHOW ALL YOUR WORK IF POSSIBLE
-DATES ARE NOT INCLUSIVE
Loans Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.2%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $13,250.00 and $14,000.00, respectively. On July 30, it made a payment of $8,500.00. 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 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 Jul 8 $13,250.00 Jul 30 7.2% Jul 31 7.2% Aug 14 7.2% Aug 31 7.2% Loans Lacy has a $43,000.00 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 $925.00. 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 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 (-) $43,000.00 May 4 Nov 30 (inclusive) 7.5% Dec 31 7.5% Jan 31 7.5% Feb 28 7.5% Mar 31 7.5% Loans Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.2%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $13,250.00 and $14,000.00, respectively. On July 30, it made a payment of $8,500.00. 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 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 Jul 8 $13,250.00 Jul 30 7.2% Jul 31 7.2% Aug 14 7.2% Aug 31 7.2% Loans Lacy has a $43,000.00 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 $925.00. 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 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 (-) $43,000.00 May 4 Nov 30 (inclusive) 7.5% Dec 31 7.5% Jan 31 7.5% Feb 28 7.5% Mar 31 7.5%
