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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

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

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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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%
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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