Charming Paper Company sells to the $12$ accounts listed here.

Capital Financial Corporation will lend $90$ percent against account balances that have averaged $30$ days or less,

$80$ percent for account balances between $31$ and $40$ days, and $70$ percent for account balances between $41$ and

$45$ days. Customers that take over $45$ days to pay their bills are not considered acceptable accounts for a loan.

The current prime rate is $16\mathrm{.}50$ percent, and Capital charges $4\mathrm{.}50$ percent over prime to Charming as its annual

loan rate.

a$.$ Determine the maximum loan for which Charming Paper Company could qualify.

Maximum loan amount

b$.$ Determine how much one month's interest expense would be on the loan balance determined in part a$.$

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.

Interest expense