LECTURE EXAMPLES - LOANS 1. Woodgrain Industries took out an operating loan with RBC for $20,000 at a fixed interest rate of 8% on September 14. The operating loan requires a monthly fixed payment of $800 on the 14th of every month. Create the first three months of its repayment schedule. Balance Date before Transaction Annual Interest Number Interest Accrued of Days Charged Interest Payment (+) or Advance (- Balance Principal Amount Rate after Transaction 9/14 $20,000 10/14 8% 11/14 8% 12/14 8% $800 $800 $800 ...