. You have a line of credit loan with Scotiabank. The initial loan balance was $6000.00. Payments of $2000.00 and $1500.00 were made after five months and ten months, respectively. 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 of the mortgage if the line of credit interest was 6.15% compounded monthly?
. You have a line of credit loan with Scotiabank. The initial loan balance was $6000.00. Payments of $2000.00 and $1500.00 were made after five months and ten months, respectively. 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 of the mortgage if the line of credit interest was 6.15% compounded monthly?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:22. You have a line of credit loan with Scotiabank. The initial loan balance was
$6000.00. Payments of $2000.00 and $1500.00 were made after five months and
ten months, respectively. 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 of the mortgage if the line of credit interest
was 6.15% compounded monthly?
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