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mrtrombley92 mrtrombley92
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A year ago
Monica finished her program at New Brunswick Community College 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. The relevant February had 28 days.

a) Calculate the balance owed at the end of the grace period.
b) Calculate the balance owed on the floating rate option after the regular March 31 payment.
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
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danterichdanterich
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A year ago
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mrtrombley92 Author
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A year ago
This helped my grade so much Perfect
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You make an excellent tutor!
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Helped a lot
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