Question: Question 14 [8 points] On April 5, 2018 Stefan borrowed $12,000 on a personal line of credit that charges prime +4% interest. He is required

Question 14 [8 points] On April 5, 2018 Stefan
Question 14 [8 points] On April 5, 2018 Stefan borrowed $12,000 on a personal line of credit that charges prime +4% interest. He is required to pay accrued interest on the first of every month. On May 11 he makes an extra payment of $4,000. Complete a repayment schedule for his first three interest payments and the extra payment, given that the prime rate is 3.75%. For full marks your answer should be rounded to the nearest cent. For simplicity, use rounded values for interest throughout the table. Date Balance Annual Number Interest Accrued Payment (+) Principal Balance before Interest of Days Charged Interest or Amount after Transaction Rate Advance (-) Transaction Apr 5 $12,000.00 May 1 0.00 0.00% O 0.00 0.00 0.00 0.00 0.00 May 11 0.00 0.00% 0 0.00 0.00 0.00 0.00 0.00 Jun 1 0.00 0.00% 0 0.00 0.00 0.00 0.00 0.00 Jul 1 0.00 0.00% O 0.00 0.00 0.00 0.00 0.00

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