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Lada Lada
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6 years ago
Meridian credit union approved a $500 000 line of credit on a demand basis to Hard Steel to finance the import of raw material. Interest at the rate of prime plus 1% is charged to Hard Steel's chequing account at the bank on the 1st of each month. The initial advance was $300 000 on 1st of June, 2016, when the prime rate stood at 3%. There were further advances of $40 000 on July 13 and $100 000 on July 28. Payments of $70 000 each were applied against the principal on August 15 and September 15. What was the total interest paid on the loan for the period June 1 to October 1?
A) $4590.68
B) $1380.82
C) $2807.67
D) $4064.66
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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