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Everlyne has a personal LOC with her bank with a maximum credit limit of $8,000.00. The interest rate is prime plus 1.25%, and the current prime rate is 3.5%. Regardless of any account transaction activity, her bank requires on the first of every month for her to pay "the greater of 5% of the current balance or $100 from her checking account. She is allowed to exceed her maximum credit limit, but if she does the entire balance is subject to 20% interest until such time as the balance is restored below the credit limit. On October 1, the opening balance on her LOC was $2,300.00. She took advances of $3,600.00, $3,300.00, and $3,100.00 on October 20, November 15, and December 1, respectively. She made payments of $3,000.00, $3,100.00, and $3,900.00 on November 1, November 23, and December 14, respectively. The prime rate decreased by 0.5% on November 7. Complete the repayment schedule below by filling in the interest charges for October, November, and December. Date Balance before Transaction Annual Interest Rate Number of Days Interest Charged Accrued Interest Payment (+) or Advance (-) Principal Amount Balance after Transaction Oct 1 $2,300.00 Oct 20 $2,300.00 4.75% 19/365 -$3,600.00 -$3,600.00 $5,900.00 Nov 1 $5,900.00 4.75% 12/365 $3,295.74 $3,280.84 $2,619.16 Nov 7 $2,619.16 4.75% 6/365 $0.00 $0.00 $2,619.16 Nov 15 $2,619.16 4.25% 8/365 -$3,300.00 -$3,300.00 $5,919.16 Nov 23 $5,919.16 4.25% 8/365 $3,100.00 $3,100.00 $2,819.16 Dec 1 $2,819.16 4.25% 8/365 -$2,958.41 -$2,971.04 $5,790.20 Dec 14 $5,790.20 4.25% 13/365 $3,900.00 $3,900.00 $1,890.20 Jan 1 $1,890.20 4.25% 18/365 $100.00 $87.28 $1,802.92 Everlyne has a personal LOC with her bank with a maximum credit limit of $8,000.00. The interest rate is prime plus 1.25%, and the current prime rate is 3.5%. Regardless of any account transaction activity, her bank requires on the first of every month for her to pay "the greater of 5% of the current balance or $100 from her checking account. She is allowed to exceed her maximum credit limit, but if she does the entire balance is subject to 20% interest until such time as the balance is restored below the credit limit. On October 1, the opening balance on her LOC was $2,300.00. She took advances of $3,600.00, $3,300.00, and $3,100.00 on October 20, November 15, and December 1, respectively. She made payments of $3,000.00, $3,100.00, and $3,900.00 on November 1, November 23, and December 14, respectively. The prime rate decreased by 0.5% on November 7. Complete the repayment schedule below by filling in the interest charges for October, November, and December. Date Balance before Transaction Annual Interest Rate Number of Days Interest Charged Accrued Interest Payment (+) or Advance (-) Principal Amount Balance after Transaction Oct 1 $2,300.00 Oct 20 $2,300.00 4.75% 19/365 -$3,600.00 -$3,600.00 $5,900.00 Nov 1 $5,900.00 4.75% 12/365 $3,295.74 $3,280.84 $2,619.16 Nov 7 $2,619.16 4.75% 6/365 $0.00 $0.00 $2,619.16 Nov 15 $2,619.16 4.25% 8/365 -$3,300.00 -$3,300.00 $5,919.16 Nov 23 $5,919.16 4.25% 8/365 $3,100.00 $3,100.00 $2,819.16 Dec 1 $2,819.16 4.25% 8/365 -$2,958.41 -$2,971.04 $5,790.20 Dec 14 $5,790.20 4.25% 13/365 $3,900.00 $3,900.00 $1,890.20 Jan 1 $1,890.20 4.25% 18/365 $100.00 $87.28 $1,802.92
