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 136 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?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

There are 60,000 miles of blood vessels in every adult human.

Time Line of Human History From Upper Paleolithic Period to the Present Time Line of Human History From Upper Paleolithic Period to the Present
Characteristics of the individual determine (a) whether they will be exposed to certain stressors ... Characteristics of the individual determine (a) whether they will be exposed to certain stressors ...
Concentration affects where the precipitin line forms. When 1 reactant is held at a constant ... Concentration affects where the precipitin line forms. When 1 reactant is held at a constant ...
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 ...
The flow of genetic information The flow of genetic information
Accounting Information Systems, 4th Edition Accounting Information Systems, 4th Edition
Video: Semidiscontinuous DNA replication

For a complete list of videos, visit our video library