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 $7\mathrm{.}15\%.$ On the last day of every month, the accrued interest must be paid. On July $8$ and August $14,$ the company made advances of $$11,000\mathrm{.}00$ and $$14,000\mathrm{.}00,$ respectively. On July $30,$ it made a payment of $$7,000\mathrm{.}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\mathrm{.}63".)$

$($Give all "Number of Days" quantities as fractions with denominator $365.)$

$\backslash$table$[[$Date$,\backslash$table$[[$Balance$],[$before$],[$Transaction$]],\backslash$table$[[$Annual$],[$Interest$],[$Rate$]],\backslash$table$[[$Number$],[$of Days$]],\backslash$table$[[$Interest$],[$Charged$]],\backslash$table$[[$Payment$],[(+)$ or$],[$Interest$],[$Advance$],[(-)$