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

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Question 1

Romeo started an RRSP on March 1, 2016, with a deposit of $35 000.00. She added $19 000.00 on December 1, 2017, and $8500.00 on September 1, 2018. What is the accumulated value of her account on December 1, 2020, if interest is 6.6% compounded monthly?
◦ $41260.10
◦ $80850.58
◦ $47846.07
◦ $39272.78
◦ $70993.80

Question 2

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?
◦ $45368.70
◦ $63125.35
◦ $61582.31
◦ $77002.58
◦ $19560.45

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[aliotak]

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