Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime + 2%. Her current balance owing on November 1 is $13,750.00 and she is required to make interest-only payments on the first of every month. The prime rate is set at 3.75%. She makes one payment of $2,750.00 on January 19. Create three months of her repayment schedule. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "$149.63".) (Give all "Number of Days" quantities as fractions with denominator 365.) Payment Date Balance before Transaction Annual Interest Rate Number of Days Interest Accrued Charged Interest (+) or Principal Balance after Advance Amount Transaction (-) Nov 1 $13,750.00 Dec 1 5.75% Jan 1 5.75% Jan 19 5.75% $2,750.00 Feb 1 5.75%
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Transcribed Image Text:Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime + 2%. Her current balance owing on November 1 is $13,750.00 and she is required to make interest-only payments on the first of every month. The prime rate is set at 3.75%. She makes one payment of $2,750.00 on January 19. Create three months of her repayment schedule. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "$149.63".) (Give all "Number of Days" quantities as fractions with denominator 365.) Payment Date Balance before Transaction Annual Interest Rate Number of Days Interest Accrued Charged Interest (+) or Principal Balance after Advance Amount Transaction (-) Nov 1 $13,750.00 Dec 1 5.75% Jan 1 5.75% Jan 19 5.75% $2,750.00 Feb 1 5.75%
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