On June 12, 2013, Frank James Opened a Low Interest

question 4

Essay

On June 12, 2013, Frank James opened a low interest line of credit at his bank, with interest at 4.5% p.a. He used this line of credit immediately to pay $5300 of the tuition fee. On what date did Frank James honour the line of credit if he ended up paying $186.20 in interest?

---

Definitions:

Public Authority

An organization or governmental body with the power to make decisions and enforce laws within a specific area or community.

Supreme Goddesses

Refers to the highest female deities worshipped in various religions, considered the most powerful and influential in their pantheons.

Islam

A monotheistic Abrahamic religion based on the Quran, which Muslims consider to be the word of God as revealed to the Prophet Muhammad.

Sikhism

A monotheistic religion founded in the 15th century in the Punjab region of India, emphasizing devotion to God, community service, and equality among humankind.