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You have a line of credit loan with Scotiabank. The initial loan balance was $6000.00. Payments at $2000.00 and $1500.00 were made after 5 months
You have a line of credit loan with Scotiabank. The initial loan balance was $6000.00. Payments at $2000.00 and $1500.00 were made after 5 months and 10 months, respecively. At the end of one year, you borrowed an additional $3200.00. Eight months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount at the mortgage if the line of credit interest was 6.15% compounded monthly? a. $6241.39 b. $4262.91 c. $2791.30 d. $4155.33
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