Question: On July 1 5 , when the prime rate was set at 4 . 5 % , Canadian Footwear took out an operating loan from

On July 15, when the prime rate was set at 4.5%, Canadian Footwear took out an operating loan from CIBC for $9,250.00 at prime plus 2%. The terms of the loan require a fixed payment of $1,740.00 on the 15 th of every month until the loan is repaid. The prime rate climbed by 0.75% on September 25.
Complete the repayment schedule below by filling in the appropriate interest rates.
\table[[Date,\table[[Balance],[before],[Transaction]],\table[[Annual],[Interest],[Rate]],\table[[Number],[of Days]],\table[[Interest],[Charged]],\table[[Payment],[Interest],[(+) or],[Advance],[(-)
 On July 15, when the prime rate was set at 4.5%,

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