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 130 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?

If you use artificial sweeteners, such as cyclamates, your eyes may be more sensitive to light. Other factors that will make your eyes more sensitive to light include use of antibiotics, oral contraceptives, hypertension medications, diuretics, and antidiabetic medications.

Did you know?

GI conditions that will keep you out of the U.S. armed services include ulcers, varices, fistulas, esophagitis, gastritis, congenital abnormalities, inflammatory bowel disease, enteritis, colitis, proctitis, duodenal diverticula, malabsorption syndromes, hepatitis, cirrhosis, cysts, abscesses, pancreatitis, polyps, certain hemorrhoids, splenomegaly, hernias, recent abdominal surgery, GI bypass or stomach stapling, and artificial GI openings.

Did you know?

Fatal fungal infections may be able to resist newer antifungal drugs. Globally, fungal infections are often fatal due to the lack of access to multiple antifungals, which may be required to be utilized in combination. Single antifungals may not be enough to stop a fungal infection from causing the death of a patient.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

The word drug comes from the Dutch word droog (meaning "dry"). For centuries, most drugs came from dried plants, hence the name.

Using Parallax to Determine Distance Using Parallax to Determine Distance
Nomogram chart. This example shows a line drawn from a child’s height of 100 cm to his weight, 35 ... Nomogram chart. This example shows a line drawn from a child’s height of 100 cm to his weight, 35 ...
A vehicle emission control information (VECI) sticker on a flexible fuel vehicle. A vehicle emission control information (VECI) sticker on a flexible fuel vehicle.
A typical two-line cleaning machine hookup, showing an extension hose that can be used to squirt a ... A typical two-line cleaning machine hookup, showing an extension hose that can be used to squirt a ...
The CAMEO entry for chlorine. Useful information includes chemical and physical properties, personal ... The CAMEO entry for chlorine. Useful information includes chemical and physical properties, personal ...
Food Labels Provide Nutrient Content Information Food Labels Provide Nutrient Content Information
Video: Studying the Left and Right Brain Independently

For a complete list of videos, visit our video library