Gayle 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 Annual before Interest Transaction Rate 6.25% 6.25% 6.25% 6.25% Number Interest Accrued of Days Charged Interest Payment (+) or Advance (-) $3,000.00 Principal Balance after Amount Transaction $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 $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 Annual before Interest Transaction Rate 6.25% 6.25% 6.25% 6.25% Number Interest Accrued of Days Charged Interest Payment (+) or Advance (-) $3,000.00 Principal Balance after Amount Transaction $13,250.00

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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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.
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