Answer Question 16 (12 points) Listen Ariana has a $10,000 line of credit with BMO....

50.1K

Verified Solution

Question

Finance

image
Answer Question 16 (12 points) Listen Ariana has a $10,000 line of credit with BMO. The interest rate on the line of credit is prime plus 2.5%. On September 1st, 2020, Ariana borrows $2,000 from her line of credit. At that time, the prime interest rate was 2.2%. On September 10th, 2020, the prime rate changed to 3.4%. On September 20th, 2020, Ariana pays back $510 from the line of credit. Calculate the amount Ariana would have to pay the loan in full on October 1st, 2020 You can be given partial points for: a) Doing the 5 required steps for your timeline b) Showing your calculations for each steps Your

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students