Grace Jordan graduated from the University College of Barbados with a BSc in Accounting and

Finance with $1$st Class Honors in $2016.$ Shortly thereafter, she was employed by the Cherry Tree

Co$-$operative Credit Union Limited in Barbados. In $2019,$ Grace and her two $(2)$ sisters purchased

a condominium for $$400,000,$ and Grace obtained a loan for $$310,000$ from her employer.

At the time the mortgage was taken out, the term of the mortgage loan was for twenty$-$five $(25)$

years and the concessionary rate provided by the Credit Union to employees, such as Grace, was

$0\mathrm{.}75\%$ below the prevailing mortgage rate of $6\mathrm{.}15\%$ per annum to existing customers of the Credit

Union. The monthly mortgage payment amount was calculated based on the full amount of the

mortgage, the interest rate applicable, and constant fixed mortgage payments over the full term

of the mortgage loan. The full amount of the mortgage was advanced on April $1,2019,$ and the

mortgage payments commenced on May $1,2019.$

Grace was advised, but nevertheless new, that the mortgage payment is made on the $1$st of each

month and that the interest amount is calculated daily and based on the actual number of days

in a particular month between mortgage payments. Effective September $1,2022,$ the Credit Union

reduced the prevailing mortgage rate to existing customers to $5\mathrm{.}85\%,$ with the concessionary rate

to employees still $0\mathrm{.}75\%$ below.

In January $2024,$ Grace applied to Graduate School and received confirmation to attend the Berlin

School of Finance and Management in Germany, starting in January $2025.$ The overall cost of the

program at the Berlin School of Finance and Management is $48,565$ and the financing

arrangements agreed by Grace is that the fees will be paid in three $(3)$ equal installments, to be

received by the School on September $13,2024,$ October $14,2024,$ and November $11,2024.$

Grace$$s commercial bank has advised her that the payment requests to the Berlin School of

Finance and Management can be facilitated. However, the international payment application must be initiated two $(2)$ business days before the agreed payment datesto ensure that the Euros

reach the Berlin School$$s bank on the days noted.

Grace$$s grandparents, who live in Canada, agreed to a gift of CND$$150,000$ and $18,000$ shares of

Cave Shepherd and Company Limited to be divided equally between Grace and her two $(2)$ sisters.

The Barbados Bank received the Canadian funds on September $24,2021,$ and Grace$$s share of the

Barbados Dollar equivalent was deposited into her account that day. Grace$$s portion of the Cave

Shepherd and Company Limited shares were deposited into her account at the Barbados Central

Depository Securities on October $1,2021.$

Knowing that she was considering attending Graduate School, Grace agreed to invest her share

of the cash gift from her grandparents. She decided to invest $90\%$ of the cash gift received

$($rounded to the nearest $$100)$ equally between the Sagicor Global Balanced Fund and the

Fortress Caribbean Growth Fund, and these investments were made on October $12,2021.$ The

remaining $10\%$ of the cash gift received $($rounded to the nearest $$100)$ was placed into a noninterest earning account with the commercial bank on November $1,2021.$

Grace is aware that three $(3)$ year fixed term deposit rates at her commercial bank, applicable on

November $1,2021,$ for amounts in excess of $$5,000,$ was $1\mathrm{.}75\%$ per annum. Interest on deposits

is payable annually on the anniversary date of the deposit, and the interest is capitalized. The

interest paid on the fixed$-$term deposit is based on the actual number of days held. The deposit

at the commercial bank can be broken without penalty$1$ after twenty$-$four $(24)$ months.

Following the decision to attend Graduate School, Grace resigned her position from the Credit

Union effective October $31,2024,$ having given two $(2)$ months$$ notice. The Mortgage

Department of the Credit Union has advised Grace and her sisters that the concessionary rate on

the Mortgage would revert to the prevailing rate from November $1,2024,$ with all other terms of

the mortgage remaining unchanged. $($This rate will be provided on November $1,2024)$

Grace decided to liquidate the entire holdings in the Sagicor Global Balanced Fund and the

Fortress Caribbean Growth Fund to assist in paying the Graduate School fees. These mutual funds

will be liquidated on November $4,2024,$ to meet the third Graduate School fee payment on

November $11,2024.$