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Home Q & A Board Science-Related Homework Help Mathematics
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mylesnagop mylesnagop
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A year ago
Mayfair Fashions has a $90,000 line of credit from the Bank of Montreal. Interest at prime plus 2% is deducted from Mayfair's chequing account on the 24th of each month. Mayfair initially drew down $40,000 on March 8 and another $15,000 on April 2. On June 5, $25,000 of principal was repaid. If the prime rate was 5.25% on March 8 and rose by 0.25% effective May 13, what were the first four interest deductions charged to the store's account?
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
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ggianolaggianola
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A year ago
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mylesnagop Author
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A year ago
Smart ... Thanks!
jaray75
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Yesterday
Helped a lot
jasonbourne
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2 hours ago
This site is awesome
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