Question: Kari had Canada Student Loans totalling $ 3 8 0 0 when she completed her program at Niagara College in December. She had enough savings

Kari had Canada Student Loans totalling $3800 when she completed her program at Niagara College in December. She had enough savings at the end of June to pay the interest that had accrued during the six-month grace period. Kari made arrangements with the National Student Loans Service Centre to start end-of-month payments of $60 in July. She chose the fixed interest rate option (at prime plus 5%) when the prime rate was at 5.5%. Prepare a loan repayment schedule up to and including the September 30 payment. (Round your answers to the nearest cent.)
Date Number
of days Interest
rate (%) Interest ($) Accrued
Interest ($) Payment
(Advance)($) Principal
Portion ($) Balance ($)
1-Jul ------------------3,800.00
31-Jul 3010.5032.7932.7960.0027.213,772.79
31-Aug 3110.50
30-Sep 3010.50

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