9. Rani recently took out a $50,000 secured line of credit. The rate is 3.75% compounded semi- annually above the Bank of Canada rate which is currently 1%. (use your financial application and fill in the appropriate inputs) a. If Rani could afford to make payments of $700 per month, how long would it take her to pay off the outstanding balance on her line of credit? b. How much total interest would she pay? c. How many fewer payments and less interest would she have to pay if she was able to make monthly payments of $1200?

PMT = FV=P/Y=1C/Y= b. How much total interest would she pay? a. 1 mark b. c. How many fewer payments and less interest would she have to pay if she was able to make monthly payments of $1200 ? N=1%=PV=PMT= FV=P/Y=/Y=