Problem 8-27 Accounts receivable financing [LO8-1] Charming Paper Company sells to the 12 accounts listed here. Receivable Balance Average Age of the Account Account Over the Last Year Outstanding $ 63,600 133,000 25 43 73,300 19 29, 100 57 56,100 42 253,000 39 33,400 24 349,000 67 45,300 32 90, 600 59 237,000 15 61,000 37 ABCDEFGIHDYL J K Problem 8-27 Accounts receivable financing [LO8-1] Charming Paper Company sells to the 12 accounts listed here. Average Age of the Account Receivable Balance Outstanding 63,600 Account Over the Last Year A 25 B 133,000 43 C 73,300 19 D 29, 100 57 E 56,100 42 253,000 39 33,400 24 H 349,000 67 I 45,300 32 1 90,600 59 K 237,000 15 61,000 37 Capital Financial Corporation will lend 90 percent against account balances that have averaged 30 days or less, 80 percent for account balances between 31 and 40 days, and 70 percent for account balances between 41 and 45 days. Customers that take over 45 days to pay their bills are not considered acceptable accounts for a loan. The current prime rate is 12.50 percent, and Capital charges 4.50 percent over prime to Charming as its annual loan rate. account balances between 31 and 40 days, and 70 percent for account balances between 41 and 45 days. Customers that take over 45 days to pay their bills are not considered acceptable accounts for a loan. The current prime rate is 12.50 percent, and Capital charges 4.50 percent over prime to Charming as its annual loan rate. a. Determine the maximum loan for which Charming Paper Company could qualify. Maximum loan amount b. Determine how much one month's interest expense would be on the loan balance determined in part a. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Interest expense