Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.4%. On the last day of every month, the accrued interest must be paid. On July 8 andAugust 14, the company made advances of $13,000.00 and $14,750.00, respectively. On July 30, it made a payment of $7,750.00. Vertical Adventures will restore its zero balance on August 31. Construct afull 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.)DateBalance Annualbefore InterestTransaction RateNumberof DaysInterest AccruedCharged InterestPayment(+) orAdvance(-)Principal Balance afterAmount TransactionJul 8$13,000.00Jul 307.4%Jul 317.4%Aug 147.4%Aug 317.4%on this problem

Given Data:Balance after transaction = 13000Interest Rate = 7.4%Advance on 8th July = 13000Advance…

Answered: Vertical Adventures has an open line of…

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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Sylvestor Systems borrows $183,000 cash on May 15 by signing a 90-day, 6%, $183,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 28 Interest at Maturity Required 1 Required ZA First, complete the table below to calculate the interest expense at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Principal Rate(%) Time. Total interest Interest at Maturity $ Required 28 General Journal 183,000 6% 90/360
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Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.45%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $10, 750.00 and $12,000.00, respectively. On July 30, it made a payment of $ 5,000.00. 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 before Transaction Annual Interest Rate Number of Days Interest Charged Accrued Interest Payment (+) or Advance (-) Principal Amount Balance after Transaction Jul 8 $10, 750.00 Jul 30 7.45% Jul 31 7.45% Aug 14 7.45% Aug 31 7.45%
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