Seth Had Accumulated Canada Student Loans Totalling $5,200 by the Time

Short Answer

Seth had accumulated Canada Student Loans totalling $5,200 by the time he graduated from Mount Royal College in May. He arranged with the Bank of Nova Scotia to select the floating-rate option (at prime plus 2½%) and to begin monthly payments of $110 on December 31. Prepare a loan repayment schedule up to and including the February 28 payment. The prime rate was initially at 3.25%. It dropped by 0.25% effective January 31. Seth made an additional principal payment of $300 on February 14.