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Rufaro has been a full-time student at the University of Manitoba for the past four years. She has just completed her bachelor of commerce degree from the Asper School of Business and her last day of exams was April 21. Her total student loan is $39,000.00. She has decided to take her six-month grace period and convert it to principal, then start making payments of $500.00 per month using the variable interest rate of prime +2.5%. The prime rate at the start of the grace period was 3.75%, after which it increased by 0.25% on August 24. Complete the table below to determine the total principal Rufaro will owe at the end of the grace period. (Give all "Number of Days" quantities as fractions with denominator 365.) Date Range Balance (P) Annual Interest Rate (r) Number of Days (t) Interest Charged (I=Prt) May 1 to Aug 24 % Aug 24 to Oct 31 % (inclusive) Total simple interest charged during grace period: Total principal at end of grace period:

Rufaro has been a full-time student at the University of Manitoba for the past four years. She has just completed her bachelor of commerce degree from the Asper School of Business and her last day of exams was April 21. Her total student loan is $39,000.00. She has decided to take her six-month grace period and convert it to principal, then start making payments of $500.00 per month using the variable interest rate of prime +2.5%. The prime rate at the start of the grace period was 3.75%, after which it increased by 0.25% on August 24. Complete the table below to determine the total principal Rufaro will owe at the end of the grace period. (Give all "Number of Days" quantities as fractions with denominator 365.) Date Range Balance (P) Annual Interest Rate (r) Number of Days (t) Interest Charged (I=Prt) May 1 to Aug 24 % Aug 24 to Oct 31 % (inclusive) Total simple interest charged during grace period: Total principal at end of grace period:

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 68SGR
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Rufaro has been a full-time student at the University of Manitoba for the past four years. She has just completed her bachelor of commerce degree from the Asper School of Business and her last day of exams was April 21. Her total student loan is $39,000.00. She has decided to take her six-month grace period and convert it to principal, then start making payments of $500.00 per month using the variable interest rate of prime +2.5%. The prime rate at the start of the grace period was 3.75%, after which it increased by 0.25% on August 24. Complete the table below to determine the total principal Rufaro will owe at the end of the grace period. (Give all "Number of Days" quantities as fractions with denominator 365.) Date Range Balance (P) Annual Interest Rate (r) Number of Days (t) Interest Charged (I=Prt) May 1 to Aug 24 % Aug 24 to Oct 31 % (inclusive) Total simple interest charged during grace period: Total principal at end of grace period:
Transcribed Image Text:Rufaro has been a full-time student at the University of Manitoba for the past four years. She has just completed her bachelor of commerce degree from the Asper School of Business and her last day of exams was April 21. Her total student loan is $39,000.00. She has decided to take her six-month grace period and convert it to principal, then start making payments of $500.00 per month using the variable interest rate of prime +2.5%. The prime rate at the start of the grace period was 3.75%, after which it increased by 0.25% on August 24. Complete the table below to determine the total principal Rufaro will owe at the end of the grace period. (Give all "Number of Days" quantities as fractions with denominator 365.) Date Range Balance (P) Annual Interest Rate (r) Number of Days (t) Interest Charged (I=Prt) May 1 to Aug 24 % Aug 24 to Oct 31 % (inclusive) Total simple interest charged during grace period: Total principal at end of grace period:
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