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Home Q & A Board Science-Related Homework Help Mathematics
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nikki1992 nikki1992
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A year ago
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 $1000 on the 15th of each month, beginning April 15. The prime rate was initially 4.75%, but it jumped to 5% effective June 15 and increased another 0.25% on July 31. (It was not a leap year.) Complete the repayment schedule below.
DateNumber of DaysInterest Rate (%)Interest ($)Accrued Interest ($)Payment (Advance) ($)Principal Portion ($)Balance ($)
Feb 23------?
Apr 1551?36.6836.681000963.324036.68
May 15305.2517.4217.42?982.583054.10
Jun 15315.2513.6213.621000986.382067.72
Jul 15305.59.359.351000990.651077.07
Jul 31165.52.602.60001077.07
Aug 15155.752.555.151000994.85?
Sep 15315.750.400.40???
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
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carolyne254carolyne254
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A year ago
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nikki1992 Author
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A year ago
Smart ... Thanks!
Liarec
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Yesterday
Just got PERFECT on my quiz
SupremeDJ
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2 hours ago
Correct Slight Smile TY
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