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You have a line of credit loan with the Bank of Montreal. 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. The line of credit interest was 8.52% compounded monthly. To repay the loan you discounted your 11-year $8000.00 promissory note, with interest at 8.4% compounded monthly, at 6.5% compounded semi-annually and you got proceeds of $14 631.15.
(a) How much is mortgage loan?
(b) How many months before the due date you discounted the promissory note?
Open ended question: Would you be able to repay the loan by discounting the promissory note? If yes, how much amount you will be left with?
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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