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Hari finished her education at Hampton College on the Green on June 3 with Canada Student Loans ...

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Hari finished her education at Hampton College on the Green on June 3 with Canada Student Loans ...

Hari finished her education at Hampton College on the Green on June 3 with Canada Student Loans totalling $6800. She decided to capitalize the interest that accrued (at prime plus 2.5%) during the grace period. In addition to regular end-of-month payments of $200, she made an extra $500 lump payment on March 25 that was applied entirely to principal. The prime rate dropped from 6% to 5.75% effective September 22, and declined another 0.5% effective March 2. Calculate the interest accrued during the grace period the interest portion of the first payment.

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Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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