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villain villain
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A year ago
Harjap completed his program at Nova Scotia Community College in December. On June 30, he paid all the interest that had accrued (at prime plus 2.5%) on his $5800 Canada Student Loan during the 6-month grace period. He selected the fixed rate option (prime plus 5%) and agreed to make end-of-month payments of $95 beginning July 31. The prime rate began the grace period at 8% and rose by 0.5% effective March 29. On August 13, the prime rate rose another 0.5%. The relevant February had 28 days.

a) What amount of interest accrued during the grace period?
b) Complete the repayment schedule below.
DateNumber of DaysInterest Rate (%)Interest ($)Accrued Interest ($)Payment (Advance) ($)Principal Portion ($)Balance ($)
Jul 1------5800
Jul 313013.5??9530.645769.36
Aug 3131?66.1566.15?28.855740.51
Sep 303013.563.7063.709531.30?
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
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pigglyoink14pigglyoink14
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A year ago
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