Exotic Furnishings Ltd. has a line of credit secured by the equity in the business. The limit on the line of credit is

$43,000.

Exotic owed

$25,632.34

on its line of credit on

June

1. The line of credit agreement requires a regular payment of

$100.00

on the principal plus interest (including overdraft interest) by electronic transfer after closing on the last day of each month. Overdraft interest is

19%

p.a. The line of credit interest is variable. It was

4.9%

on

June

1,

4.15%

effective

August

21,

and

3.10%

effective

November

11.

(a) Calculate the interest payments on

June

30,

July

31,

August

31,

September

30,

October

31,

and

November

30.

(b) What is the account balance on

November

30?

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June

1 to

November