Balance Date before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Nov 1 Dec 1 ☐ 5.75% Jan 1 5.75% Jan 19 5.75% Feb 1 5.75% Payment (+) or Advance (-) $2,750.00 Principal Balance after Amount Transaction $13,750.00
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- Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime +2.25%. 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 4.25%. She makes one payment of $2,500.00 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.) Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Nov 1 Dec 1 6.5% Jan 1 6.5% Jan 19 6.5% Feb 1 6.5% Note: You can earn partial credit on this problem Preview My Answers Submit Answers Payment (+) or Advance (-) $2,500.00 Principal Balance after Amount Transaction $13,750.00 fore now version will be requested.Shelly Obama Sanders gets a loan for $3,000 and repays the loan in 12 monthly payments of $258.75 per month. Under the APR formula, what is the amount of interest included in her first payment? Keep your answer to two decimal placesGayle has a HELOC with MCAP Financial Corporation at an interest rate of prime +2.75%. Her current balance owing on November 1 is $13,250.00 and she is required to make interest-only payments on the first of every month. The prime rate is set at 3.5%. She makes one payment of $3,000.00 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.) Date Nov 1 Dec 1 Jan 1 Jan 19 Feb 1 Balance before Transaction Annual Number Interest Accrued Interest of Days Charged Interest Rate 6.25% 6.25% 6.25% 6.25% Payment (+) or Advance (-) $3,000.00 Principal Balance after Transaction Amount $13,250.00
- Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime +2.75%. Her current balance owing on November 1 is $14,500.00 and she is required to make interest-only payments on the first of every month. The prime rate is set at 3.5%. 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.) Date Balance before Transaction Annual Interest Rate Number Interest Accrued Interest of Days Charged Payment (+) or Advance (-) Principal Balance after Amount Transaction Nov 1 $14,500.00 Dec 1 6.25% Jan 1 6.25% Jan 19 6.25% $2,750.00 Feb 1 6.25%she is required to make interest-only payments on the first of every month. The prime rate is set at 3.25%. She makes one payment of $3,000.00 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.) \table[[Date,\table[[Balance],[before],[Transaction]],\table[[Annual],[Interest],[Rate]],\table[[Number],[of Days]],\table[[Interest],[Charged]],\table[[Pccrued],[Interest],[(+) or],[Advance],[(-)Recall that Kate previously obtained a $15,000 bank loan, signing a note payable, on November 30. The note required semiannual interest payments at the rate of 6 percent. The entire principal balance was due two years from the origination date of the note. Kate has been accruing interest on a monthly basis in the amount of $75. Kate would like to know how she should record the interest in May, the month she makes the first interest payment. She is unsure how much expense will need to be recorded in May. The upcoming interest payment is really not Kate’s main concern right now. She was just notified by a lawyer that she is being sued for copyright infringement. Mega Cards Incorporated, one of the largest greeting card companies, believes that one of Kate’s designs is too similar to one of Mega’s designs for it to be coincidence, and has, therefore, decided to sue Kate’s Cards. Mega has a prior reputation for suing small companies and settling out of court for lesser damages. Kate,…
- Marissa borrowed $1,010 today and is to repay the loan in two equal payments, one in 3 months and the other in 14 months. Assuming an interest rate of 4% p.a. on the loan, determine the size of the equal payments if a focal date of "today" is used.Assume Dave borrowed $360 on his personal line of credit. Interest is charged at a rate of 17 percent, but calculated on a daily basis. Dave is required to pay a minimum of 5 percent of the remaining loan balance every month. What would be Dave's first monthly loan payment? Assume a 30-day month and a 365-day year. (Round your answer to 2 decimal places. Omit the "S" sign in your response.) Monthly loan paymentJa’Mila makes a $350 purchase with her new credit card. The card has a 21% annual interest rate and $35.00 minimum payment due on the 10th of every month. Given that her starting balance is $350, if she pays the minimum payment by October 5th, what amount, to the nearest cent, is applied to interest? $ What amount, to the nearest cent, is applied to the principal? $
- Recall that Kate previously obtained a $15,000 bank loan, signing a note payable, on November 30. The note required semiannual interest payments at the rate of six percent. The entire principal balance was due two years from the origination date of the note. Kate has been accruing interest on a monthly basis in the amount of $75. Kate would like to know how she should record the interest in May, the month she makes the first interest payment. She is unsure how much expense will need to be recorded in May. The upcoming interest payment is really not Kate’s main concern right now. She was just notified by a lawyer that she is being sued for copyright infringement. Mega Cards Incorporated, one of the largest greeting card companies, believes that one of Kate’s designs is too similar to one of Mega’s designs for it to be coincidence, and has, therefore, decided to sue Kate’s Cards. Mega has a prior reputation for suing small companies and settling out of court for lesser damages. Kate,…Marilyn was supposed to pay $1.620 to Bernice on March 18. Some time later Marilyn paid Bernice an equivalent payment of $1,67263. allowing fora time value of money of 24% compounded monthly. When did Marilyn make the payment? (Do not round your Irntermediate calculatlons and round your anewer to the neorest month.) Marylin mode the payment months later.Yusra has a term loan that she still owes $11,138.67. The annual interest rate on this loan is 4.22% this month she is making payment 34. Her monthly payment is $413.25 how much will her balance be after she makes this months payment