Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.25%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $11,250.00 and $12,750.00, respectively. On July 30, it made a payment of $7,250.00. 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 Balance after Amount Transaction (-) Jul 8 $11,250.00 Jul 30 7.25% Jul 31 7.25% Aug 14 7.25% Aug 31 7.25%
Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.25%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $11,250.00 and $12,750.00, respectively. On July 30, it made a payment of $7,250.00. 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 Balance after Amount Transaction (-) Jul 8 $11,250.00 Jul 30 7.25% Jul 31 7.25% Aug 14 7.25% Aug 31 7.25%
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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![Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.25%.
On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made
advances of $11,250.00 and $12,750.00, respectively. On July 30, it made a payment of $7,250.00. 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.) \table[[Date
,\table[[Balance], [before], [Transaction]], \table[[Annual], [Interest] [Rate]],\table[[Number], [of Days]]\table[[Interest],[
Charged]]\table[[Accrued], [Interest]], \table[[Payment], [(+) or], [Advance], [(-)
Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.25%. On the last day of every month, the accrued
interest must be paid. On July 8 and August 14, the company made advances of $11,250.00 and $12,750.00, respectively. On July 30, it made a payment of
$7,250.00. 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
(-)
Amount
Principal Balance after
Transaction
Jul 8
$11,250.00
Jul 30
7.25%
Jul 31
7.25%
Aug 14
7.25%
Aug 31
7.25%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc3830c1c-5f86-4da8-8ff9-778ab88108b6%2F8a5fc1c8-4449-4788-8626-045fc98e2d7f%2Ffjepmim_processed.png&w=3840&q=75)
Transcribed Image Text:Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.25%.
On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made
advances of $11,250.00 and $12,750.00, respectively. On July 30, it made a payment of $7,250.00. 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.) \table[[Date
,\table[[Balance], [before], [Transaction]], \table[[Annual], [Interest] [Rate]],\table[[Number], [of Days]]\table[[Interest],[
Charged]]\table[[Accrued], [Interest]], \table[[Payment], [(+) or], [Advance], [(-)
Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.25%. On the last day of every month, the accrued
interest must be paid. On July 8 and August 14, the company made advances of $11,250.00 and $12,750.00, respectively. On July 30, it made a payment of
$7,250.00. 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
(-)
Amount
Principal Balance after
Transaction
Jul 8
$11,250.00
Jul 30
7.25%
Jul 31
7.25%
Aug 14
7.25%
Aug 31
7.25%
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