math need help urgent

Mr. Michaluk has a $50,000 personal (revolving) line of credit with the Canadian Imperial Bank of Commerce (CIBC). The loan is on a demand basis at a floating rate of prime plus 1.5%. On the fifteenth of each month, a payment equal to the greater of $100 or 3% of the combined principal and accrued interest is deducted from his chequing account. The principal balance after a payment on September 15 stood at $23,465.72. Prepare the loan repayment schedule from September 15 up to and including the payment on January 15. Assume that he makes the minimum payments and the prime rate remains at 5.25%.

  1. 👍 0
  2. 👎 0
  3. 👁 68

Respond to this Question

First Name

Your Response

Similar Questions

  1. Finance

    A bank offers your firm a revolving credit arrangement for up to $85 million at an interest rate of 2.5 percent per quarter. The bank also requires you to maintain a compensating balance of 4 percent against the unused portion of

    asked by Ken on October 10, 2010
  2. Social Studies Business

    1. If a consumer makes monthly payments of $250 to pay off a car loan, what type of credit is she using? A) Non-Revolving B) Revolving C) Short Term D) Unsecured 2. Caitlin wants to buy an airline ticket, but she's uncomfortable

    asked by Reeses on May 7, 2017
  3. History plz check

    Caitlin wants to buy an airline ticket. but she's uncomforable taking that much cash to the counter at the airport. instead, she uses her credit card. Which advantage of credit is being demonstrated here A. emergencies B. building

    asked by The Weekend on May 18, 2017
  4. Social studies

    1. If a consumer makes monthly payments of $250 to pay off a car loan, what type of credit is she using? (1 point) non­revolving •• revolving short term unsecured 2. Caitlin wants to buy an airline ticket, but she’s

    asked by Kaylee on May 10, 2017
  5. Social studies

    1. If a consumer makes monthly payments of $250 to pay off a car loan, what type of credit is she using? (1 point) non­revolving revolving short term unsecured 2. Caitlin wants to buy an airline ticket, but she’s uncomfortable

    asked by Amy on May 5, 2017
  6. Financing and Budget

    You, the owner of XYZ Day Care, buy a new van for your business. The van costs $20,000, all of which you borrow from First American Bank. Which of the following correctly describes the journal entry for this transaction? A.$20,000

    asked by Amanda on November 11, 2014
  7. Financing and Budget

    You, the owner of XYZ Day Care, buy a new van for your business. The van costs $20,000, all of which you borrow from First American Bank. Which of the following correctly describes the journal entry for this transaction? A.

    asked by Amanda on November 19, 2014
  8. accounting

    1. Sharon Kent is a realtor. She organized her business, called SK Realty, as a corporation on April 1, 2011. Sharon started the business by depositing $105,000 in cash into the business bank account and issued herself common

    asked by Anonymous on September 7, 2012
  9. question

    David has a company decorating houses for the holidays. He has secured a $25,000 line of credit from his bank. For which purpose is David more likely to use this credit line? Question 19 options: a warehouse to store decorations

    asked by kim on October 19, 2014
  10. accounting

    1-Aug-13 Started business by investing $20,000 from personal savings into a business' bank account and a car and furniture worth $90,000 and $30,000 respectively. 2-Aug-13 Purchased office furniture from Standards for $3,000

    asked by Kai-lee on March 12, 2014

More Similar Questions