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A variable rate loan is a type of financial arrangement where the interest rate fluctuates based on changes in an underlying benchmark, such as the prime rate. In this video, we’ll explore how these fluctuations impact the total repayment amount of a loan.
Q1. Natalie borrows $5,000 on April 7 at prime + 1%. The prime rate was initially 3%. It increased to 3.25% on May 23 and to 3.50% on July 13. What was the amount required to repay the loan on August 2?