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1. Mr. Michaluk has a $50,000 personal (revolving) line of credit with the Canadian Imperial Bank of Commerce (CIBC). The loan is on a demand basis at a floating rate of prime plus 1.5%. On the fifteenth of each month, a payment equal to the greater of $100 or 3% of the combined principal and accrued interest is deducted from his chequing account. The principal balance after a payment on September 15 stood at $23,465.72. Prepare the loan repayment schedule from September 15 up to and including the payment on January 15. Assume that he makes the minimum payments and the prime rate remains at 5.25%. (Round your final answers to 2 decimal places.)

Date	Number of days	Interest rate(%)	Interest($)	Accrued interest($)	Payment (Advance) ($)	Principal portion($)	Balance($)
15-Sep	- - -	- - -	- - -	- - -	- - -	- - -
15-Oct	30
15-Nov	31
15-Dec	30
15-Jan	31

2.Harjap completed his program at Nova Scotia Community College in December. On June 30, he paid all of the interest that had accrued (at prime plus 2.5%) on his $5800 Canada Student Loan during the six-month grace period. He selected the fixed-rate option (prime plus 5%) and agreed to make end-of-month payments of $95 beginning July 31. The prime rate was 8% at the beginning of the grace period and rose by 0.5% effective March 29. On August 13, the prime rate rose another 0.5%. The relevant February had 28 days. a. What amount of interest accrued during the grace period? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.) Interest $ 309.47 Numeric ResponseEdit Unavailable. 309.47 correct. b. Calculate the total interest paid in the first three regular payments, and the balance owed after the third payment. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Total interest paid $ Balance $

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