Loans On July 15, when the prime rate was set at 5%, Canadian Footwear took out an operating loan from CIBC for $8,500.00 at prime plus 1.75%. The terms of the loan require a fixed payment of $1,610.00 on the 15th of every month until the loan is repaid. The prime rate climbed by 0.5% on September 29. Complete the repayment schedule below by filling in the appropriate interest rates.