CIBC approved a $10 000 personal line of credit on a demand basis to Tara,who takes an advance of $2240 on 1^s^t of every month to settle her monthly budget.She settles her loan when she receives her pay on 15^th of every month.Interest at the rate of prime (3%)plus 2.75% is charged to the account at the bank on the 15^th of each month.What is Tara's payment each month to settle the loan? A)$2245.29 B)$5.29 C)$2240 D)$2368.80 E)$2263.63

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Tara's payment each month to settle the loan is $2245.29. This is calculated as follows:Interest for the month = $2240 x 5.75% x 15/365 = $20.13Total amount due = $2240 + $20.13 = $2260.13Payment = $2260.13 / 15 = $2245.29

CIBC Approved a $10 000 Personal Line of Credit on a Demand