Question 1
Average rate of return or yield on 180-day Government of Canada treasury bills sold on June 18, 2013 was 1.04%. The client sold the $50 000 T-bill after 39 days. What rate of return (per annum) did the client realize while holding the T-bill, if the short term interest for this maturity had risen to 1.13% by the date of sale?
Question 2
PC Financial approved a $75 000 line of credit on a demand basis to Little Blessings day care to finance equipment. Interest at the rate of prime plus 1% is charged to the account at the bank on the 15th of each month. The initial advance was $45 000 on July 15, when the prime rate stood at 3%. There were further advances of $8000 on August 20 and $10 000 on September 10. Payments of $15 000 each were applied against the principal on October 1 and November 1. What was the total interest accumulated on the loan for the period July 15 to November 15?
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