Charming Paper Company sells to the 12 accounts listed here. Average Age of the Account Account Receivable Balance Outstanding $ 62,300 174,000 Over the Last Year A 29 11 C 77,000 27,100 59,300 257,000 G 34,600 340,000 42,900 96,900 305,000 23 66,400 30 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 18.50 percent, and Capital charges 5.50 percent over prime to Charming as its annual loan rate D AFASTARGARDA 44 12 61 43 35 20 67 35 53 The current prime rate is 18.50 percent, and Capital charges 5.50 percent over prime to Charming as its annual loan rate. a. Determine the maximum loan for which Charming Paper Company could quality. Maximum loan amount b. Determine how much one month's interest expense would be on the loan balance determined in part a. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Interest expense