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Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. ...

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Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. ...

Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. Payments of $30000.00 and $25000.00 were made after four months and ten months respectively. At the end of one year, he borrowed an additional $42500.00. Seven months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage if the line of credit interest was at prime (3%) + 1.25% compounded monthly?
A) $77002.58
B) $45368.70
C) $19560.45
D) $63125.35
E) $61582.31

Textbook

Contemporary Business Mathematics with Canadian Applications

Edition: 11^th

Authors: Hummelbrunner, Halliday, Hassanlou, Coombs

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josan

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More solutions for this book are available here

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Tom H.

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4 years ago

thanks

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eryvdd

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4 years ago

Thank you

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Anonymous

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A year ago

Help! The answer is missing an explanation...

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josan

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A year ago

Hope it will help, please do comment if you need any further explanation. Your feedback would be highly appreciated.

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