Amarjeet graduated from the University of Calgary on May 2 and has student loans totalling $32,000.00....

 

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Amarjeet graduated from the University of Calgary on May 2 and has student loans totalling $32,000.00. The prime rate upon graduation was 5%. He has decided to pay in full the interest charged during the grace period (i.e., he is not converting it to principal) before starting monthly payments of $625.00 at the fixed interest rate. Calculate the total interest paid during the grace period and the first three months of his repayment schedule. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".) (Give all "Number of Days" quantities as fractions, as shown in the textbook examples.) Payment (+) or Balance Annual Number Interest Accrued Principal Balance after Date before Interest of Days Charged Interest Advance Amount Transaction Transaction Rate (-) June 1 $32,000.00 Nov 30 7.5% $0.00 (inclusive) Dec 31 10% $625.00 Jan 31 10% $625.00 Feb 29 10% $625.00 Amarjeet graduated from the University of Calgary on May 2 and has student loans totalling $32,000.00. The prime rate upon graduation was 5%. He has decided to pay in full the interest charged during the grace period (i.e., he is not converting it to principal) before starting monthly payments of $625.00 at the fixed interest rate. Calculate the total interest paid during the grace period and the first three months of his repayment schedule. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".) (Give all "Number of Days" quantities as fractions, as shown in the textbook examples.) Payment (+) or Balance Annual Number Interest Accrued Principal Balance after Date before Interest of Days Charged Interest Advance Amount Transaction Transaction Rate (-) June 1 $32,000.00 Nov 30 7.5% $0.00 (inclusive) Dec 31 10% $625.00 Jan 31 10% $625.00 Feb 29 10% $625.00

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