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Dr. Chan obtained a $15,000 demand loan at prime plus 1.5% on September 13 from the Bank of Montreal ...

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Dr. Chan obtained a $15,000 demand loan at prime plus 1.5% on September 13 from the Bank of Montreal ...

Dr. Chan obtained a $15,000 demand loan at prime plus 1.5% on September 13 from the Bank of Montreal to purchase a new dental X-ray machine. Fixed payments of $700 will be deducted from the dentist's chequing account on the 20^th of each month, beginning October 20. The prime rate was 7.5% at the outset, dropped to 7.25% on the subsequent November 26, and rose to 7.75% on January 29. Complete the repayment schedule below.

Date	Number of Days	Interest Rate (%)	Interest ($)	Accrued Interest ($)	Payment (Advance) ($)	Principal Portion ($)	Balance ($)
Sep 13	-	-	-	-	-	-	15,000
Oct 20	37	9	136.85	136.85	700	563.15	14,436.85
Nov 20	31	9	?	?	700	589.65	13,847.20
Nov 26	6	9	20.49	20.49	0	0	13,847.20
Dec 20	24	?	79.67	100.16	700	599.84	13,247.36
Jan 20	31	8.75	98.45	98.45	700	601.55	12,645.81
Jan 29	9	8.75	27.28	27.28	0	0	12,645.81
Feb 20	22	?	70.50	97.78	?	?	?

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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