Transcribed Image Text: Shekha Bhalla completed his college program in December 2016 with a $11,600 Canada Student Loan. He selected the fixed rate option (prime

Transcribed Image Text: Shekha Bhalla completed his college program in December 2016 with a $11,600 Canada Student Loan.
He selected the fixed rate option (prime +2.5%) and agreed to make end-of-month payments of $120
beginning July 31 2017. The Prime Rate began the six-month grace period at 6% and rose by 0.5% effective
March 29 2017. On June 30 2017, he paid all of the interest that had accrued (at prime +2.5%) during the
six-month grace period. On July 1 2017, the prime rate rose to 9%. On August 13, the prime rate rose by
another 05%.
Required:
Calculate the loan balance after the second payment.

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