Ms. Wadeson obtained a $15,000 demand loan from TD Canada Trust on May 23 to purchase a car. The interest rate on the loan was prime plus 2%. The loan required payments of $750 on the fifteenth of each month, beginning June 15. The prime rate was 7.5% at the outset, dropped to 7.25% on July 25.

(a)-(d) Determine the values for the table cells in the Interest Rate column (if there is no value in the indicated cell, enter "N/A").

(e)-( h ) Determine the values for the table cells in the Payment column (if there is no value in the indicated cell, enter "N/A").

(i)-(l) Determine the value for the remaining table cells in the row for June 15 ( (if there is no value in the indicated cell, enter "N/A").

(m)-(p) Determine the value for the remaining table cells in the row for July 26 ( (if there is no value in the indicated cell, enter "N/A").

(q)-(t) Determine the value for the remaining table cells in the row for August 15( (if there is no value in the indicated cell, enter "N/A").

Date

# days

Interest

Rate

Interest

Accrued

Interest

Payment

Principal

Portion

Balance

May 23

$15,000.00

June 15

23

(a)

(i)

(j)

(e)

(k)

(l)

July 15

30

(b)

$111.97

$111.97

(f)

$638.03

$13,701.76

July 25

10

(c)

(m)

( n )

(g)

(o)

(p)

August 15

21

(d)

(q)

(r)

( h )

(s)

(t)

Embed Kaltura Media

Enter your answers in the table below:

Date

# days

Interest

Rate

Interest

Accrued

Interest

Payment

Principal

Portion

Balance

May 23

$15,000.00

June 15

23

(a)

(i)

(j)

(e)

(k)

(l)

July 15

30

(b)

$111.97

$111.97

(f)

$638.03

$13,701.76

July 25

10

(c)

(m)

( n )

(g)

(o)

(p)

August 15

21

(d)

(q)

(r)

( h )

(s)

(t)

Show your full solutions here: