Ruxandra's Canada Student Loans totalled $7200 by the time she finished Conestoga College in April. The accrued
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Ruxandra's Canada Student Loans totalled $7200 by the time she finished Conestoga College in April. The accrued interest at prime plus 2.5% for the grace period was converted to principal on October 31. She chose the floating-interest-rate option and began monthly payments of $120 on November 30. The prime rate of interest was 3.5% on May 1, 3.25% effective July 9, and 4% effective December 13. Prepare a repayment schedule presenting details of the first three payments.
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Number of days from May 1 to July 9 190 121 69 Number of days from July 9 to and including Oct 3...View the full answer
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Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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