Charming Paper Company sells to the 12 accounts listed here. Account Receivable Balance Outstanding Average Age of the Account Over the Last Year A $ 64,300 27 B 212,000 43 C 74,900 13 D 20,300 61 E 56,600 42 F 260,000 32 G 35,200 25 H 321,000 68 I 49,900 31 J 92,000 51 K 284,000 18 L 66,000 33 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 4.50 percent over prime to Charming as its annual loan rate. a. Determine the maximum loan for which Charming Paper Company could qualify. b. Determine how much one months 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.) This is the last question in the assignment. To submit, use Alt + S. To access other questions, proceed to the question map button.Next Visit question mapQuestion 15 of 15 Total15 of 15 Prev

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