Instructions: All necessary work must be shown to receive full credit. Answers submitted with little to no support will receive no credit. If you are unsure about a problem, try to explain what you think needs to be done in words. # 1. A company has an open line of credit with a zero balance at its credit union using a fixed interest rate of 5.4%. On the last day of every month, the accrued interest must be paid. On May 2nd the company made an advance of $20,000.00. On July 22nd, it made a payment of $12,350.00. Create the first 4 months of the companys repayment schedule starting May 2th. Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance (-) Principal Amount May 2 May 31 Jun 30 Jul 22 Jul 31 Aug 31 5.4% 5.4% 5.4% 5.4% 5.4% Balance after Transaction $20,000.00