HW #10 Instructions: All necessary work must be shown to receive full credit. Answers submitted with little to no support will receive no credit. If you are unsure about a problem, try to explain what you think needs to be done in words. #1. A company has an open line of credit with a zero balance at its credit union using a fixed interest rate of 5.4%. On the last day of every month, the accrued interest must be paid. On May 2nd the company made an advance of $20,000.00. On July 22nd, it made a payment of $12,350.00. Create the first 4 months of the company's repayment schedule starting May 2nd Date Balance before Transaction Annual Interest Rate Number of Interest Days Charged Accrued Interest Payment (+) or Advance (-)! Balance Principal Amount after Transaction! May 2 $20,000.00 May 31 20,000 5,4% 29 365 | $85.80 $85.80 85.80 85.50/50 20,000 Jun 30 20,000 5.4% Jul 22 20,000 Jul 31 5.4% 540 Aug 31 5.4% 30 365 12,350 20000