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Scotiabank approved a $280,000.00 line of credit for Buhler Industries at prime + 1%. It requires only the repayment of accrued interest on the 26th

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Scotiabank approved a $280,000.00 line of credit for Buhler Industries at prime + 1%. It requires only the repayment of accrued interest on the 26th of each month, which is automatically deducted from the checking account of Buhler Industries. Buhler took out an advance on December 5 for $240,000.00 and made a payment of $180,000.00 on January 18. The prime rate was 6% initially and increased to 6.75% on January 7 Complete the repayment schedule below by filling in the payment and principal amounts. Date Balance before Transaction Annual Interest Rate Number Interest of Days Charged Accrued Interest Payment (4) or Advance -) Principal Balance after Amount Transaction Dec 5 Dec 26 $240,000.00 7% 21/365 $966.58 $240,000.00 $240,000.00 $966.58 Jan 7 $240,000.00 796 12/365 $552.33 $552.33 7.75% 11/365 $560.55 $1,112.88 Jan 18 $240,000.00 Jan 26 $60,000.00 $240,000.00 $60,000.00 $60,000.00 7.7596 B/365 $101.92 $1,214.80

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