Biology Forums - Study Force

Beth borrowed $5000 on demand from Canada Trust on February 23 for a Registered Retirement Savings Plan (RRSP) contribution. Because she used the loan proceeds to purchase Canada Trust's mutual funds for her RRSP, she received a special interest rate of prime plus 0.5%. Beth was required to make fixed monthly payments of $1000 on the 15^th of each month, beginning April 15. The prime rate was initially 4.75%, but it jumped to 5% effective June 15 and increased another 0.25% on July 31. (It was not a leap year.) Complete the repayment schedule below.

Date	Number of Days	Interest Rate (%)	Interest ($)	Accrued Interest ($)	Payment (Advance) ($)	Principal Portion ($)	Balance ($)
Feb 23	-	-	-	-	-	-	?
Apr 15	51	?	36.68	36.68	1000	963.32	4036.68
May 15	30	5.25	17.42	17.42	?	982.58	3054.10
Jun 15	31	5.25	13.62	13.62	1000	986.38	2067.72
Jul 15	30	5.5	9.35	9.35	1000	990.65	1077.07
Jul 31	16	5.5	2.60	2.60	0	0	1077.07
Aug 15	15	5.75	2.55	5.15	1000	994.85	?
Sep 15	31	5.75	0.40	0.40	?	?	?

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