Scotiabank approved a $270,000.00 line of credit for Buhler Industries at prime + 0.75%. It requires...

 

Transcribed Image Text:

Scotiabank approved a $270,000.00 line of credit for Buhler Industries at prime + 0.75%. It requires only the repayment of accrued interest on the 27th of each month, which is automatically deducted from the checking account of Buhler Industries. Buhler took out an advance on December 8 for $215,000.00 and made a payment of $150,000.00 on January 12. The prime rate was 5.5% initially and increased to 6.75% on January 7, Complete the repayment schedule below by filling in the payment and principal amounts. Date Dec 8 Dec 27 Jan 7 Jan 12 Jan 27 Balance before. Transaction Annual Interest Rate Number Accrued Interest of Days Charged Interest $215,000.00 6.25% 19/365 $699.49 $699.49 $215,000.00 6.25% 11/365 $404.97 $404.97 $215,000.00 7.5% 5/365 $220.89 $625.86 $65,000.00 7.5% 15/365 $200.34 $826.20 Payment (+) or Advance (-) Principal Amount Balance after Transaction $215,000.00 $215,000.00 $215,000.00 $65,000.00 $65,000.00 Scotiabank approved a $270,000.00 line of credit for Buhler Industries at prime + 0.75%. It requires only the repayment of accrued interest on the 27th of each month, which is automatically deducted from the checking account of Buhler Industries. Buhler took out an advance on December 8 for $215,000.00 and made a payment of $150,000.00 on January 12. The prime rate was 5.5% initially and increased to 6.75% on January 7, Complete the repayment schedule below by filling in the payment and principal amounts. Date Dec 8 Dec 27 Jan 7 Jan 12 Jan 27 Balance before. Transaction Annual Interest Rate Number Accrued Interest of Days Charged Interest $215,000.00 6.25% 19/365 $699.49 $699.49 $215,000.00 6.25% 11/365 $404.97 $404.97 $215,000.00 7.5% 5/365 $220.89 $625.86 $65,000.00 7.5% 15/365 $200.34 $826.20 Payment (+) or Advance (-) Principal Amount Balance after Transaction $215,000.00 $215,000.00 $215,000.00 $65,000.00 $65,000.00

Answer rating: 100% (QA)

Dec 8 215000 advance Balance before 0 Balance after 215000 Dec 27 ... View the full answer