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On the June 12 interest payment date, the outstanding balance on Delta Nurseries revolving loan was $65,000. The floating interest rate on the loan stood
On the June 12 interest payment date, the outstanding balance on Delta Nurseries revolving loan was $65,000. The floating interest rate on the loan stood at 9.25% simple interest on June 12, but rose to 9.5% simple interest on July 3, and to 10% simple interest on July 29. If Delta made principal payments of $10,000 on June 30 and July 31, what were the interest charges to its bank account on July 12 and August 12? Present a repayment schedule supporting the calculations.
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