PLEASE SOVLE Amarjeet graduated from the University of Calgary on May 2 and has...
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Accounting
PLEASE SOVLE
Amarjeet graduated from the University of Calgary on May 2 and has student loans totalling $39,000.00. The prime rate upon graduation was 5%. 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 $750.00 at the fixed interest rate. Calculate the total interest paid during 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, "-$149.63.) (Give all Number of Days quantities as fractions, as shown in the textbook examples.) Date Balance before Transaction Annual Interest Rate Number of Days Interest Charged Accrued Interest Payment (+) or Advance (-) Principal Amount Balance after Transaction June 1 $39,000.00 Nov 30 (inclusive) 7.5% $0.00 Dec 31 10% $750.00 Jan 31 10% $750.00 Feb 29 10% $750.00
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