You have a line of credit loan with Scotiabank. The initial loan balance was $6000.00. Payments...

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You have a line of credit loan with Scotiabank. The initial loan balance was $6000.00. Payments at $2000.00 and $1500.00 were made after 5 months and 10 months, respecively. At the end of one year, you borrowed an additional $3200.00. Eight months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount at the mortgage if the line of credit interest was 6.15% compounded monthly? You have a line of credit loan with Scotiabank. The initial loan balance was $6000.00. Payments at $2000.00 and $1500.00 were made after 5 months and 10 months, respecively. At the end of one year, you borrowed an additional $3200.00. Eight months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount at the mortgage if the line of credit interest was 6.15% compounded monthly?

Answer rating: 100% (QA)

To calculate the amount at the mortgage when the line of credit loan was converted we need to consid... View the full answer