On July 15, when the prime rate was set at 4.75%, Canadian Footwear took out an...

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On July 15, when the prime rate was set at 4.75%, Canadian Footwear took out an operating loan from CIBC for $10,000.00 at prime plus 2%. The terms of the loan require a fixed payment of $1,990.00 on the 15th of every month until the loan is repaid. The prime rate climbed by 0.5% on September 23. Complete the repayment schedule below by filling in the appropriate interest rates. Date Jul 15 Aug 15 Sep 15 Sep 23 Oct 15 Nov 15 Dec 15 Jan 15 Balance before Transaction $10,000.00 $8,067.33 $6,123.58 $6,123.58 $4,100.40 $2,205.07 $228.21 Annual Interest Rate % % % 1% % Number Interest of Days Charged Accrued Interest i 1% 1% 31/365 $1.411 Payment (+) or Principal Balance after Advance Amount Transaction. (-) 31/365 $57.33 $57.33 $1,990.00 $1,932.67 31/365 $46.25 $46.25 $1,990.00 $1,943.75 8/365 $9.06 $9.05 $0.00 $0.00 22/365 $26.76 $35.82 $1,990.00 $1,954.18 31/365 $25.67 $25.67 $1,900.00 $1,064.33 30/365 $13.14 $13.14 $1.41 $1,990.00 $1,976.86 $229.62 $228.21 $10,000.00 $8,067.33 $6,123.58 $6,123.58 $4,169.40 $2,205.07 $228.21 $0.00 On July 15, when the prime rate was set at 4.75%, Canadian Footwear took out an operating loan from CIBC for $10,000.00 at prime plus 2%. The terms of the loan require a fixed payment of $1,990.00 on the 15th of every month until the loan is repaid. The prime rate climbed by 0.5% on September 23. Complete the repayment schedule below by filling in the appropriate interest rates. Date Jul 15 Aug 15 Sep 15 Sep 23 Oct 15 Nov 15 Dec 15 Jan 15 Balance before Transaction $10,000.00 $8,067.33 $6,123.58 $6,123.58 $4,100.40 $2,205.07 $228.21 Annual Interest Rate % % % 1% % Number Interest of Days Charged Accrued Interest i 1% 1% 31/365 $1.411 Payment (+) or Principal Balance after Advance Amount Transaction. (-) 31/365 $57.33 $57.33 $1,990.00 $1,932.67 31/365 $46.25 $46.25 $1,990.00 $1,943.75 8/365 $9.06 $9.05 $0.00 $0.00 22/365 $26.76 $35.82 $1,990.00 $1,954.18 31/365 $25.67 $25.67 $1,900.00 $1,064.33 30/365 $13.14 $13.14 $1.41 $1,990.00 $1,976.86 $229.62 $228.21 $10,000.00 $8,067.33 $6,123.58 $6,123.58 $4,169.40 $2,205.07 $228.21 $0.00

Answer rating: 100% (QA)

Heres the completed repayment schedule for the operating loan from Canadian Footwear to CIBC D... View the full answer