Question 1 2 points Save Answer Mayfair Fashions has a line of credit approved at an interest rate of prime plus 2%. Mayfair's first withdrawal from the line of credit was $40,000 on March 8. On April 20, Mayfair makes a single $10,000 payment which is used to pay off accrued interest to that date, and the remainder for principal repayment. On May 24th, Mayfair makes a final payment to settle the outstanding loan. If prime is 4%, determine the following. Interest portion of the April 20th Payment. The final payment due on May 24th. You may use the table below for your calculations Date Interest Rate Interest Accrued Interest Payment (advance) # days between Dates Principal portion Balance March 8, 2014 April 20, 2014 May 24, 2014 43 34 Question 1 2 points Save Answer Mayfair Fashions has a line of credit approved at an interest rate of prime plus 2%. Mayfair's first withdrawal from the line of credit was $40,000 on March 8. On April 20, Mayfair makes a single $10,000 payment which is used to pay off accrued interest to that date, and the remainder for principal repayment. On May 24th, Mayfair makes a final payment to settle the outstanding loan. If prime is 4%, determine the following. Interest portion of the April 20th Payment. The final payment due on May 24th. You may use the table below for your calculations Date Interest Rate Interest Accrued Interest Payment (advance) # days between Dates Principal portion Balance March 8, 2014 April 20, 2014 May 24, 2014 43 34