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Raman has a line of credit loan with the ICICI bank. The initial loan balance...

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Finance

Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. Payments of $30000.00 and $25000.00 were made after four months and ten months respectively. At the end of one year, he borrowed an additional $42500.00. Seven months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage if the line of credit interest was at prime (3%) + 1.25% compounded monthly?

Select one:

A.

$19560.45

B.

$63125.35

C.

$77002.58

D.

$45368.70

E.

$61582.31

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