Sheffield Inc. received a five-year bank loan bearing interest at 7% with principal and interest instalment payments due annually. The following instalment payment schedule is partially completed: (a) Fill in the missing amounts. (Round answers to O decimal places, eg 2,345.) Interest Period Cash Payment Issue date 1 2 3 4 ԼՈ 5 *Adjusted for rounding differences. eTextbook and Media $ SA $19,219 Interest Expense Reduction of Principal Principal 4,557 2,432 $13.703 15.689 1,260 17,959

Assuming a 360-day year, proceeds of $45,552 were received from discounting a $46,830, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was а. 12.16% b. 12.67% C. 8.92% Od. 10.92%

A 7% p.a. demand loan was paid off with payments of $3,000 on April 10th, $2,000 on September 25th and a final payment of $5,447.13 on December 5th. If it uses the standard declining balance method, what was the original amount of the loan back on March 8?

Loans Scotiabank approved a $230,000.00 line of credit for Buhler Industries at prime + 1%. It requires only the repayment of accrued interest on the 24th of each month, which is automatically deducted from the checking account of Buhler Industries. Buhler took out an advance on December 6 for $160,000.00 and made a payment of $130,000.00 on January 16. The prime rate was 5.25% initially and increased to 6.5% on January 7. Complete the repayment schedule below by filling in the payment and principal amounts. Date Balance Annual before Interest Transaction Rate Number Interest of Days Charged Accrued Interest Payment (+) or Advance (-) Principal Balance after Amount Transaction Dec 6 Dec 24 $160,000.00 $160,000.00 6.25% 18/365 $493.15 $493.15 $160,000.00 Jan 7 6.25% $160,000.00 14/365 $383.56 $383.56 $160,000.00 Jan 16 $160,000.00 7.5% 9/365 $295.89 $679.45 $30,000.00 Jan 24 $30,000.00 7.5% 8/365 $49.32 $728.77 $30,000.00 You can earn partial credit on this problem.