Vertical Adventures has an open line of credit with a zero balance at its credit union...

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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 7.3%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $14,750.00 and $10,000.00, respectively. On July 30, it made a payment of $8,750.00. 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 Jul 8 Jul 30 Jul 31 Aug 14 Aug 31 Balance before Transaction Annual Interest Rate 7.3% 7.3% 7.3% 7.3% Payment Number Interest Accrued (+) or of Days Charged Interest Advance (-) Principal Balance after Amount Transaction $14,750.00 Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.3%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $14,750.00 and $10,000.00, respectively. On July 30, it made a payment of $8,750.00. 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 Jul 8 Jul 30 Jul 31 Aug 14 Aug 31 Balance before Transaction Annual Interest Rate 7.3% 7.3% 7.3% 7.3% Payment Number Interest Accrued (+) or of Days Charged Interest Advance (-) Principal Balance after Amount Transaction $14,750.00

Answer rating: 100% (QA)

We must compute the accumulated interest at the end of each month along with any advances or payments made in order to create the payback schedule The ... View the full answer