Determine the Missing Information for the Following Line of Credit

question 32

Essay

Determine the missing information for the following line of credit.
Harold has a line of credit secured by the equity in his home.The limit on his line of credit is $85 000.Transactions for the period May 1 to September 30 are shown below.Harold owed $45 967.06 on his line of credit on May 1.
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Note: "-" indicates a negative balance.
Overdraft interest is 28.8% p.a.The line of credit interest is variable.It was 6.15% on May 1,6.50% effective June 20,and 6.55% effective September 10.
a)Calculate the interest payments on May 31,June 30,July 31,August 31,and September 30.
b)What is the account balance on September 30?

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