Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. everlyne has a personal loc with her bank with a m

Everlyne has a personal LOC with her bank with a maximum credit limit of $8,000.00....

70.2K

Verified Solution

Question

Basic Math

image

Everlyne has a personal LOC with her bank with a maximum credit limit of $8,000.00. The interest rate is prime plus 1%, and the current prime rate is 3%. Regardless of any account 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 allowed to 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, the opening balance on her LOC was $2,600.00. She took advances of $3,600.00, $3,300.00, and $3,100.00 on October 17, November 17, and December 1, respectively. She made payments of $3,100.00, $3,300.00, and $3,600.00 on November 1, November 24, and December 16, respectively. The prime rate decreased by 0.75% on November 7. Complete the repayment schedule below by filling in the interest charges for October, November, and December.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Problem 4-03 (Algorithmic) The employee credit union at State University is planning the allocation of funds for...

Psychology
1.2K views

Describe, using real life examples, observational learning.

Biology
1.2K views

8 Scientists can use the principle of superposition to analyze patterns in the fossil record...

Physics
1.2K views

6 A water wave has a frequency of 2 Hz and there are 3 meters...

Basic Math
1.2K views

Solve the compound inequality.0<2x+2?8Select the correct choice below and, if necessary, fill in the answer...

Calculus
1.2K views

The lowest point of y x is 0 0 This point is called vertex Where...

Algebra
1.2K views

3 x 3y 9 x 3y 3 A B O D T 2 A R...

Accounting
1.2K views

Anjali Shah Company had credit sales of $1,600,000. The beginning accounts receivable balance...

Accounting
1.2K views

Lila has just counted cash on hand- it is $390. The book balance says $400....

Accounting
1.2K views

multiple choice A company has two manufacturing departments. Forming and...

Finance
1.2K views

Holtzman Clothiers's stock currently sells for $31.00 a share. It just paid a dividend of...

Accounting
1.2K views

The following is a partial trial balance for General Lighting Corporation as of December 31,...