Biology Forums - Study Force

Hercules Sports obtained a $60,000 operating line of credit on March 26. Interest charges at the rate of prime plus 3.5% were deducted from its chequing account on the eighteenth of each month. Hercules took an initial draw of $30,000 on March 31, when the prime rate was 4%. Further advances of $10,000 and $15,000 were taken on April 28 and June 1. Payments of $5000 and $10,000 were applied against the principal on June 18 and July 3. The prime rate rose to 4.25% effective May 14. Complete the repayment schedule below.

Date	Number of Days	Interest Rate (%)	Interest ($)	Accrued Interest ($)	Payment (Advance) ($)	Principal Portion ($)	Balance ($)
Mar 31	-	-	-	-	(30,000)	(30,000)	30,000
Apr 18	18	7.5	?	?	?	0	30,000
Apr 28	10	7.5	61.64	61.64	(10,000)	(10,000)	40,000
May 14	16	7.5	131.51	193.15	0	0	40,000
May 18	4	7.75	33.97	227.12	227.12	0	40,000
Jun 1	14	7.75	118.90	118.90	(15,000)	(15,000)	55,000
Jun 18	17	7.75	?	?	?	?	?
Jul 3	15	7.75	159.25	159.25	10,000	10,000	40,000
Jul 18	15	7.75	127.40	286.65	286.65	0	40,000

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