Section 6 Student Loan Repayment (15 marks) 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 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 0.5%.

Required:

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