Loans

Tumi Sharon Olorunfemi

Amarjeet graduated from the University of Calgary on May $2$ and has student loans totalling $$31,000\mathrm{.}00.$ The prime rate upon graduation was $4\mathrm{.}75\%.$ He has decided to pay in full the interest charged during the grace period $($i$.$e$.,$ he is not converting it to principal$)$ before starting monthly payments of $$775\mathrm{.}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\mathrm{.}63".)$

$($Give all "Number of Days" quantities as fractions with denominator $365.)$

$\backslash$table$[[$Date$,\backslash$table$[[$Balance$],[$before$],[$Transaction$]],\backslash$table$[[$Annual$],[$Interest$],[$Rate$]],\backslash$table$[[$Number$],[$of Days$]],\backslash$table$[[$Interest$],[$Charged$]],\backslash$table$[[$Accrued$],[$Interest$]],\backslash$table$[[$Payment$],[(+)$ or$],[$Advance$],[(-)$