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Module 09 Homework: Problem 7 (1 point) Loans Richard S Flores Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.15%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $11,000.00 and $14,000.00, respectively. On July 30, it made a payment of $7,000.00. Vertical Adventures will restore its zero balance on August 31. Construct a full repayment schedule from July 8 to August 31. (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 Amount (-) Jul 8 Jul 30 7.15% Jul 31 7.15% Aug 14 7.15% Aug 31 7.15% Note: You can earn partial credit on this problem. Balance after Transaction $11,000.00

Module 09 Homework: Problem 7 (1 point) Loans Richard S Flores Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.15%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $11,000.00 and $14,000.00, respectively. On July 30, it made a payment of $7,000.00. Vertical Adventures will restore its zero balance on August 31. Construct a full repayment schedule from July 8 to August 31. (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 Amount (-) Jul 8 Jul 30 7.15% Jul 31 7.15% Aug 14 7.15% Aug 31 7.15% Note: You can earn partial credit on this problem. Balance after Transaction $11,000.00

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Module 09 Homework: Problem 7 (1 point) Loans Richard S Flores Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.15%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $11,000.00 and $14,000.00, respectively. On July 30, it made a payment of $7,000.00. Vertical Adventures will restore its zero balance on August 31. Construct a full repayment schedule from July 8 to August 31. (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 Amount (-) Jul 8 Jul 30 7.15% Jul 31 7.15% Aug 14 7.15% Aug 31 7.15% Note: You can earn partial credit on this problem. Balance after Transaction $11,000.00
Transcribed Image Text:Module 09 Homework: Problem 7 (1 point) Loans Richard S Flores Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.15%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $11,000.00 and $14,000.00, respectively. On July 30, it made a payment of $7,000.00. Vertical Adventures will restore its zero balance on August 31. Construct a full repayment schedule from July 8 to August 31. (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 Amount (-) Jul 8 Jul 30 7.15% Jul 31 7.15% Aug 14 7.15% Aug 31 7.15% Note: You can earn partial credit on this problem. Balance after Transaction $11,000.00
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