Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime +2.5%. 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 Nov 1 Dec 1 Jan 1 Jan 19 Feb 1 Balance before Transaction Annual Interest Rate 6.75% 6.75% 6.75% 6.75% Number Interest Accrued of Days Charged Interest 20 25 Payment (+) or Advance (-) $2,500.00 Principal Balance after Amount Transaction $13,750.00

Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime +2.5%. 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 Nov 1 Dec 1 Jan 1 Jan 19 Feb 1 Balance before Transaction Annual Interest Rate 6.75% 6.75% 6.75% 6.75% Number Interest Accrued of Days Charged Interest 20 25 Payment (+) or Advance (-) $2,500.00 Principal Balance after Amount Transaction $13,750.00

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

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