Everlyne has a personal LOC with her bank with a maximum credit limit of $11,000.00. The interest rate is prime plus 1.25%, and the current prime rate is 3.5%. Regardless of anyaccount transaction activity, her bank requires on the first of every month for her to pay "the greater of 5% of the current balance or $100" from her checking account. She is allowedto exceed her maximum credit limit, but if she does the entire balance is subject to 22% interest until such time as the balance is restored below the credit limit. On October 1, theopening balance on her LOC was $2,300.00 She took advances of $4,900.00, $4,400.00, and $3,700.00 on October 17, November 16, and December 1, respectively. She madepayments of $4,200.00, $4,900.00, and $3,900.00 on November 1, November 21, and December 18, respectively. The prime rate decreased by 0.5% on November 9.Complete the repayment schedule below by filling in the interest charges for October, November, and DecemberDateBalancebeforeTransactionAnnualInterestRateNumber Interest Accruedof Days Charged InterestPayment(+) orAdvance(-)PrincipalAmountBalance afterTransactionOct 1Oct 17Nov 1Nov 9Nov 16$2,300.00$2,300.004.75% 16/365$4,900.00 $4,900.00$7,200.00Nov 21$7,200.00 4.75% 15/365$2,657.90 4.75% 8/365$2,657.90 4.25% 7/365$7,057.90 4.25%$4,560.94 $4,542.10 $2,657.90$0.00$0.00$2,657.90-$4,400.00 $4,400.00$7,057.905/365$4,900.00 $4,900.00$2,157.90Dec 1Dec 18$2,157.90 4.25% 10/365$3,591.53 $3,603.09$5,760.99Jan 1$5,760.99 4.25% 17/3654.25% 14/365$1,860.99$3,900.00 $3,900.00$1,860.99$100.00$85.57$1,775.42

Name: Everlyne has a personal LOC with her bank with a maximum credit limit
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Description: Everlyne has a personal LOC with her bank with a maximum credit limit of $11,000.00. The interest rate is prime plus 1.25%, and the current prime rate is 3.5%. Regardless of anyaccount transaction activity, her bank requires on the first of every mo

A loan repayment schedule is a planned schedule for paying back the loan. It shows a series of…

Answered: Complete the repayment schedule below…

Business

Finance

Complete the repayment schedule below by filling in the interest charges for October, November, and December

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 37P

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