Pendragon Inc. has an operating loan with a balance of $52,000 on September 1 with interest set at prime + 4.75%. On the first of every month the operating loan requires repayment of the accrued interest only. The current prime rate is 4.75% and will decrease to 4.25% on October 7. On September 15, it has a 270-day $20,000 GIC with 3.8% interest maturing. On October 15, it has a 320-day $18,000 GIC with 3.68% interest maturing. It will use these maturing investments to pay down its operating loan. Construct a repayment schedule from September 1 to November 1 only.

Prime Products hopes to borrow $73,000 on April 1 and repay it plus interest of $1,080 on June 30. The following data are available for the months April through June, during which the loan will be used: On April 1, the start of the loan period, the cash balance will be $41,800. Accounts receivable on April 1 will total $182,000, of which $156,000 will be collected during April and $20,800 will be collected during May. The remainder will be uncollectible. The company estimates 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% are bad debts that are never collected. Budgeted sales and expenses for the three-month period follow: April May June Sales (all on account) $316,000 $575,000 $264,000 Merchandise purchases $214,000 $193,000 $ 151,500 Payroll $ 34,200 $ 34,200 $27,300 Lease payments $31,600 $31,600 $ 31,600 Advertising $ 74,000 $ 74,000 $ 43,000 Equipment purchases $70,500 Depreciation…

A $7,650.00 demand loan was taken out on March 4 at a fixed interest rate of 7.7% with fixed monthly payments of $1,200.00. The first monthly payment is due April 4 and the 4th of every month thereafter. Prepare a full repayment schedule for the loan. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".) (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance before Transaction Annual Interest Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance (-) Principal Balance after Amount Transaction Mar 4 $7,650.00 Apr 4 7.7% May 4 7.7% Jun 4 7.7% Jul 4 7.7% Aug 4 7.7% Sep 4 7.7% Oct 4 7.7%

On July 15, when the prime rate was set at 4.25%, Canadian Footwear took out an operating loan from CIBC for $9,000.00 at prime plus 1.75%. The terms of the loan require a fixed payment of $1,690.00 on the 15th of every month until the loan is repaid. The prime rate climbed by 0.25% on September 21. Complete the repayment schedule below by filling in the appropriate interest rates. Date Jul 15 Aug 15 Sep 15 Sep 21 Oct 15 Nov 15 Dec 15 Jan 15 Balance before Transaction $9,000.00 $7,355.86 $5,703.34 $5,703,34 $4,042.41 $2,373.87 $696.06 Annual Interest Rate * * * * * $45.86 $37.48 $5.63 24/365 $23.44 31/365 $21.46 % 30/365 $12,19 31/365 % % % % % Number Interest Accrued of Days Charged Interest % 31/365 31/365 6/365 Payment (+) or Principal Advance Amount (-) $45.86 $1,690.00 $1,644,14 $37.48 $1,690.00 $1.652.52 $5.63 $0.00 $0.00 $1,690.00 $1,660.93 $29.07 $21.46 $1,690.00 $1,668.54 $1,690.00 $1,677.81 $699.75 $696.06 $12.19 $3.69 $3,69 Balance after Transaction $9,000.00 $7,355.86…