You Have a Line of Credit Loan with the Bank

question 52

Essay

You have a line of credit loan with the Bank of Hong Kong. The initial loan balance was $7000.00. Payments of $3000.00 and $2500.00 were made after four months and ten months respectively. At the end of one year, you borrowed an additional $4250.00. 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 8.52% compounded monthly?

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Definitions:

Behavioural Component

The aspect of attitude that involves the way one acts or behaves towards an object or situation.

Laughing Uncontrollably

An involuntary reaction of laughing excessively without the ability to stop, often triggered by humor, certain stimuli, or sometimes neurological conditions.

Emotional Experience

The complex psychological state involving an individual's subjective feelings, thoughts, and physiological responses to stimuli.

Facial Feedback Hypothesis

The theory that facial movements can influence emotional experiences, suggesting that smiling can make you feel happier.