CIBC Approved a $10 000 Personal Line of Credit on a Demand

question 12

Multiple Choice

CIBC approved a $10 000 personal line of credit on a demand basis to Tara, who takes an advance of $2240 on 1st of every month to settle her monthly budget. She settles her loan when she receives her pay on 15th of every month. Interest at the rate of prime (3%) plus 2.75% is charged to the account at the bank on the 15th of each month. What is Tara's payment each month to settle the loan?

• A) $2245.29
• B) $5.29
• C) $2240
• D) $2368.80
• E) $2263.63

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Definitions:

Cerebellum

A major structure of the hindbrain crucial for motor control, coordination, precision, and timing of movements.

Precise Timing

The exact or very accurate measurement or control of time intervals.

Cerebellum

A region of the brain that plays an important role in motor control, and it may also be involved in some cognitive functions such as attention and language.

Endocrine System

A network of glands in the body that produce and release hormones directly into the bloodstream to regulate various bodily functions.