Kari Had Canada Student Loans Totalling $3,800 When She Completed

Short Answer

Kari had Canada Student Loans totalling $3,800 when she completed her program at Niagara College in December. She had enough savings at the end of June to pay the interest that had accrued during the 6-month grace period. Kari made arrangements with her credit union to start end-of-month payments of $60 in July. She chose the fixed interest rate option (at prime plus 5%) when the prime rate was at 5.5%. Prepare a loan repayment schedule up to and including the September 30 payment.