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Mc Michaluk has a $50,000 personal (revolving) line of credit with the Canadian Imperial Bank of Commerce (CIBC). The loan is on a demand basis

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Mc Michaluk has a $50,000 personal (revolving) line of credit with the Canadian Imperial Bank of Commerce (CIBC). The loan is on a demand basis at a floating rate of prime plus 1.5%. On the fifteenth of each month, a payment equal to the greater of $100 or 3% of the combined principal and accrued interest is deducted from his chequing account. The principal balance after a payment on September 15 stood at $23,465.72. Prepare the loan repayment schedule from September 15 up to and including the payment on January 15. Assume that he makes the minimum payments and the prime rate remains at 5.25%. (Round your final answers to 2 decimal places.) Number of days Interest rate() Interest(s) Accrued interest() Payment (Advance) (5) Principal portion($) Balance(s) Date 15-Sep 15-Oct 15-Nov 15.Dec 15-Jan 30 31 36 31

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