Question: 2. On July 15, when the prime rate was set at 4%, Canadian Footwear took out an operating loan from CIBC for $8,000 at

2. On July 15, when the prime rate was set at 4%, Canadian Footwear took out an operating loan from CIBC for $8,000 at prime plus 1.25%. The terms of the loan require a fixed payment of $1,500 on the 15th of every month until the loan is repaid. The prime rate climbed by 0.5% on September 29. Create a repayment schedule for the loan and calculate the total interest paid.

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