This question is regarding compound interest.

University or College: Queen's University Program: BSCN Estimated Tuition Fee per year: $7,251.92 Program Length (in years): Estimated Total Tuition Fee: 29,007.68 4 years (b) Assume you borrow OSAP for your post-secondary studies. You have to repay your OSAP by making monthly payments. The interest rates on your first payment date are used to figure out the monthly payment for your loan (Ontario = prime rate + 1%, Canada - prime rate +0%). Based on the prime rate on June 21, 2021 and a reasonable time period to repay your OSAP, what would be your monthly payment? Research on the information you need to determine your answer. (c) If your parents or guardians want to put an amount of money in a bank today to pay off your yearly tuition fees with the assumption that your first tuition payment is due a year from now, how much money would they need to invest? Research on the information you need to determine your