1. Jasmine has a $20,000 personal line of credit at prime plus 2% with CIBC. Her minimum end-of-month payment is the greater of $100 or 3% of the combined principal and accrued interest. After her payment on April 30, her balance was $3,046.33. On May 23, she used her income tax refund to make a principal payment of $1,000. On July 17, she took a $7,000 advance to buy a car. The prime rate began at 6%, rose 0.25% on June 25 and jumped another 0.25% on July 18. Prepare a loan repayment schedule showing details of payment on May 31, June 30 and July 31.

Suggested loan repayment schedule:

Date - # of days Interest - Interest rate - Interest - Accrued interest - Payment (advance) - Principal portion - Balance

Hint (for the 1st. month (May) calculations):

Date - # of days - Interest rates - Interest - Interest Accrued - Payment (advance)- Principal portion- Balance

Apr-30 $3046.33

May-23 22 8.00% $14.69 14.69 $1000.00 1000 2046.33

May-31 9 8.00% $4.04 18.73 100 81.27 1965.06

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