Rufaro has been a full-time student at the University of Manitoba for the past four years....

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Rufaro has been a full-time student at the University of Manitoba for the past four years. She has just completed her bachelor of commerce degree from the Asper School of Business and her last day of exams was April 24. Her total student loan is $31,000.00. She has decided to take her six-month grace period and convert it to principal, then start making payments of $600.00 per month using the variable interest rate of prime +2.5%. The prime rate at the start of the grace period was 4%, after which it increased by 0.25% on August 19 Complete the table below to determine the total principal Rufaro will owe at the end of the grace period (Give all "Number of Days" quantities as fractions with denominator 365.) Annual Interest Rate (r) Date Range Balance (P) May 1 to Aug 19 Aug 19 to Oct 31 (inclusive) Total simple interest charged during grace period: Total principal at end of grace period % Number of Days (t) 1% Interest Charged (1=Prt) 4 Rufaro has been a full-time student at the University of Manitoba for the past four years. She has just completed her bachelor of commerce degree from the Asper School of Business and her last day of exams was April 24. Her total student loan is $31,000.00. She has decided to take her six-month grace period and convert it to principal, then start making payments of $600.00 per month using the variable interest rate of prime +2.5%. The prime rate at the start of the grace period was 4%, after which it increased by 0.25% on August 19 Complete the table below to determine the total principal Rufaro will owe at the end of the grace period (Give all "Number of Days" quantities as fractions with denominator 365.) Annual Interest Rate (r) Date Range Balance (P) May 1 to Aug 19 Aug 19 to Oct 31 (inclusive) Total simple interest charged during grace period: Total principal at end of grace period % Number of Days (t) 1% Interest Charged (1=Prt) 4

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From the image provided we need to calculate the simple interest charged during a grace period using two different annual interest rates over two time ... View the full answer