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 77 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?

Cyanide works by making the human body unable to use oxygen.

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

Did you know?

The training of an anesthesiologist typically requires four years of college, 4 years of medical school, 1 year of internship, and 3 years of residency.

The flow of information in a eukaryotic cell The flow of information in a eukaryotic cell
Websites that Provide Reliable Health Information Websites that Provide Reliable Health Information
Amniocentesis. The patient is examined with ultrasound to determine the placental site and to locate ... Amniocentesis. The patient is examined with ultrasound to determine the placental site and to locate ...
How to use the discriminant to determine the value of k in a quadratic with one real root How to use the discriminant to determine the value of k in a quadratic with one real root
Beau’s line Beau’s line
Nuchal Line Nuchal Line
Video: Hormonal regulation of blood pressure - RAA system

For a complete list of videos, visit our video library