This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Determine the missing information for the following line of credit.Harold has a line of credit ... (Read 53 times)

olgavictoria

  • Hero Member
  • *****
  • Posts: 528
on: Jun 6, 2019
Determine the missing information for the following line of credit.

Harold has a line of credit secured by the equity in his home. The limit on his line of credit is $85 000. Transactions for the period May 1 to September 30 are shown below. Harold owed $45 967.06 on his line of credit on May 1.

Principal Principal Interest
Date Withdrawal Payment Payment Balance
-----------------------------------------------------------------
May 01 -45 967.06
30 1200.00?
June 23 5 050.00
30 2200.00?
July 10 6700.00?
Aug 05 11 700.00
31 8200.00?
Sept 30 6200.00?

Note: "-" indicates a negative balance.

Overdraft interest is 28.8% p.a. The line of credit interest is variable. It was 6.15% on May 1, 6.50% effective June 20, and 6.55% effective September 10.

a) Calculate the interest payments on May 31, June 30, July 31, August 31, and September 30.
b) What is the account balance on September 30?
Contemporary Business Mathematics with Canadian Applications ¦ Hummelbrunner, Halliday, Coombs ¦ 11th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by olgavictoria on Jun 6, 2019

macmac

  • Sr. Member
  • ****
  • Posts: 343
Reply #1 on: Jun 6, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 45% of students answer this correctly


olgavictoria

  • Hero Member
  • *****
  • Posts: 528
Reply #2 on: Jun 6, 2019
Excellent


macmac

  • Sr. Member
  • ****
  • Posts: 343
Reply #3 on: Jun 6, 2019
Great! Please up vote :D


« previous next »
 

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

For pediatric patients, intravenous fluids are the most commonly cited products involved in medication errors that are reported to the USP.

Did you know?

Malaria mortality rates are falling. Increased malaria prevention and control measures have greatly improved these rates. Since 2000, malaria mortality rates have fallen globally by 60% among all age groups, and by 65% among children under age 5.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

cell line selection cell line selection
Spectral Line Motion in Binary Star Systems Spectral Line Motion in Binary Star Systems
Determine the # of real roots from the equation Determine the # of real roots from the equation
Algebraically determine the exact value of sin(-π/6)+cos (7 π/4) Algebraically determine the exact value of sin(-π/6)+cos (7 π/4)
Use the information in the above table to establish a Born-Haber cycle to determine the ... Use the information in the above table to establish a Born-Haber cycle to determine the ...
Find an equation of the tangent line to the graph of f(x) = sqrt(x) / (x+1) at the point x=1 Find an equation of the tangent line to the graph of f(x) = sqrt(x) / (x+1) at the point x=1
Video: Electrocardiogram Examination

For a complete list of videos, visit our video library