Question
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
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 26, and then jumped by 0.5% on September 14. (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").
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