Exercise $7\mathrm{.}11$A $($Algo$)$ Accounting for a line of credit LO $7\mathrm{.}6$

Colson Company has a Ine of credit with Federal Bank. Colson can borrow up to $$345,500$ at any time over the course of the calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid dalng the first four monthe of the year Colson agrecd to poy interest pt an annuat rate equat to $200$ percent above the bank's prinse rate. Funds are borrowed or repaid on the first day of each monch. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Colson pays $6\mathrm{.}00$ percent $(4\mathrm{.}00$ percent $+2\mathrm{.}00$ percent$)$ annual interest on $$84,300$ for the month of January.

$\backslash$table$[[$Month$,\backslash$table$[[$Asount Eorrowed or$],[($Repald$)]],\backslash$table$[[$Prime Rate for$],[$the Ronth$]]],[$Janoary$,$$$14,300,4.00x$