Lacy has a $40,500.00 student loan when she graduates on May 4, and the prime rate is set at 5.5%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $925.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule Calculate the total interest charged for both the grace period and the four payments combined. Assume February does not involve a leap year (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 June 11 Nov 30 (inclusive) Dec 31 Jan 31 Feb 28 Mar 31 Balance Annual before Interest Transaction Rate 66666 8% 8% 8% 8% 8% Payment (+) or Number Interest Accrued of Days Charged Interest Advance (-) 0 Total combined interest charged for grace period and first four months Principal Balance after Amount Transaction $40,500.00 0

Lacy has a $40,500.00 student loan when she graduates on May 4, and the prime rate is set at 5.5%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $925.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule Calculate the total interest charged for both the grace period and the four payments combined. Assume February does not involve a leap year (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 June 11 Nov 30 (inclusive) Dec 31 Jan 31 Feb 28 Mar 31 Balance Annual before Interest Transaction Rate 66666 8% 8% 8% 8% 8% Payment (+) or Number Interest Accrued of Days Charged Interest Advance (-) 0 Total combined interest charged for grace period and first four months Principal Balance after Amount Transaction $40,500.00 0

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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Lacy has a $40,000.00 student loan when she graduates on May 4, and the prime rate is set at 4.75%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $925.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule. Calculate the total interest charged for both the grace period and the four payments combined. Assume February does not involve a leap year. (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 Annual before Interest Transaction Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance Principal Balance after Amount Transaction (-) June 1 Nov 30 7.25% (inclusive) Dec 31 7.25% Jan 31 7.25% Feb 28 7.25% 7.25% Mar 31 Total combined interest…
Am. 111.
please do the following questions with full working
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Ja’Mila makes a $350 purchase with her new credit card. The card has a 21% annual interest rate and $35.00 minimum payment due on the 10th of every month. Given that her starting balance is $350, if she pays the minimum payment by October 5th, what amount, to the nearest cent, is applied to interest? $ What amount, to the nearest cent, is applied to the principal? $
Huan accepted an in-store loan on a computer she just purchased. The monthly payment is $64.53 on the $2,000 computer with a 12% APR for 3 years. Determine the portion of the monthly payment that will go towards interest and principal for the first two months.
Amarjeet graduated from the University of Calgary on May 2 and has student loans totalling $39,000.00. The prime rate upon graduation was 3.25%. He has decided to pay in full the interest charged during the grace period (i.e., he is not converting it to principal) before starting monthly payments of $650.00 at the fixed interest rate. Complete the table below, including calculations for the grace period and the first three months of his 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 Annual before Interest Transaction Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance Principal Balance after Amount Transaction (-) June 1 $39,000.00 Nov 30 5.75% (inclusive) ☐ ☐ ☐ ☐ $0.00 Dec 31 8.25% $650.00 Jan 31 8.25% $650.00 Feb 29 8.25% $650.00
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