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On July 15, when the prime rate was set at 4.5%, Canadian Footwear took out an operating loan from CIBC for $9,750.00 at prime plus
On July 15, when the prime rate was set at 4.5%, Canadian Footwear took out an operating loan from CIBC for $9,750.00 at prime plus 1.75%. The terms of the loan require a fixed payment of $1,840.00 on the 15th of every month until the loan is repaid. The prime rate climbed by 0.25% on September 22. Complete the repayment schedule below by filling in the appropriate interest rates. Date Jul 15 Aug 15 Sep 15 Sep 22 Oct 15 Nov 15 Dec 15 Jan 15 Balance Annual before Interest Transaction Rate $9,750.00 $7,961.76 $6,164.02 $6,164.02 $4,356.66 $2,540.71 $714.28 HA Number Interest Accrued of Days Charged Interest % 31/365 $51.76 $51.76 $1,840.00 $1,788.24 % 31/365 $42.26 $1,840.00 $1,840.00 $1,797.74 $42.26 $7.39 % 7/365 $7.39 $0.00 $0.00 23/365 $32.64 $1,840.00 $1,807.36 $25.25 $24.05 $24.05 $1,840.00 $1,815.95 % 31/365 % 30/365 $13.57 $1,840.00 $1,826.43 $13.57 $3.94 $718.22 $714.28 % 31/365 $3.94 % Payment (+) or Principal Advance Amount (-) Balance after Transaction $9,750.00 $7,961.76 $6,164.02 $6,164.02 $4,356
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