Giovando, Lindstrom & Co. obtained a $6000 demand loan at prime plus 1.5% on April 1 to
Question:
Giovando, Lindstrom & Co. obtained a $6000 demand loan at prime plus 1.5% on April 1 to purchase new office furniture. The company agreed to fixed monthly payments of $1000 on the first of each month, beginning May 1. Calculate the total interest charges over the life of the loan if the prime rate started at 3.00% on April 1, decreased to 2.85% effective June 7, and returned to 3.00% on August 27. Present a repayment schedule in support of your answer.
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Number Interest Accrued Payment Principal Date of days rate Interest interest Advance portion Bal...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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