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You set up a 100,000 line of credit for the business on 1/1/X8, annual interest is...

You set up a 100,000 line of credit for the business on 1/1/X8, annual interest is 5.5%, and interest is calculated based on the balance on the loan at month end. You are required to make interest only pmts, and can make additional principle payments on the loan anytime you want. Review the following tranactions: 2/15/20X8 you draw $25,000 on the LOC 3/15/X8 you draw another 50,000 on the LOC 4/15/X8 you pay back $25,000 5/15/X8 you pay off the remaining Balance Calculate the required pmts on each of the following dates: 1/31/20X8 2/28/20X8 3/31/20X8 4/30/20X8 5/31/20X8

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