PLEASEW SOLVE Vertical Adventures has an open line of credit with a zero...
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Accounting
PLEASEW SOLVE
Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.15%. On the last day of every month, the accrued interest must be paid. On July 8 and August 14, the company made advances of $11,500.00 and $13,500.00, respectively. On July 30, it made a payment of $6,750.00. 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, as shown in the textbook examples.) Date Balance before Transaction Annual Interest Rate Number of Days Interest Charged Accrued Interest Payment (+) or Advance (-) Principal Amount Balance after Transaction Jul 8 $11,500.00 Jul 30 7.15% Jul 31 7.15% Aug 14 7.15% Aug 31 7.15%
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