#2. Heather took out a $13,500.00 demand loan on November 1 at a fixed interest rate of 7%. She is required to make interest-only payments on the first of every month. She makes one payment of $3,000.00 on January 19. She wants to pay off the loan on April 1st. Create a full repayment schedule for the loan. (Assuming there it is not a leap year). Date Balance before Transaction Annual Interest Rate Number of Days Interest Charged Accrued Interest Payment (+) or Advance (-) Balance Principal Amount after Transaction Nov 1 Dec 1 7% Jan 1 7% Jan 19 7% Feb 1 7% Mar 1 7% Apr 1 7% $13,500.00