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Amarjeet graduated from the University of Calgary on May 2 and has student loans totalling $33,000.00. The prime rate upon graduation was 4.25%. He
Amarjeet graduated from the University of Calgary on May 2 and has student loans totalling $33,000.00. The prime rate upon graduation was 4.25%. He has decided to pay in full the interest charged during the grace period (i.e., he is not converting it to principal) before starting monthly payments of $750.00 at the fixed interest rate. Complete the table below, including calculations for the grace period and the first three months of his repayment schedule. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63") (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance Annual Interest before Transaction Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance (-) Principal Amount Balance after Transaction June 1 $33,000.00 Nov 30 6.75% (inclusive) $0.00 Dec 31 9.25% $750.00 Jan 31 9.25% $750.00 $750.00 Feb 29 9.25% Note: You can earn partial credit on this problem. Preview My Answers Submit Answers You have attempted this problem 0 times. You have 5 attempts left before new version will be requested. You have unlimited attempts remaining.
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