Duncan Developments Ltd. received a $120,000 line of credit from a bank to divide the...
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Duncan Developments Ltd. received a $120,000 line of credit from a bank to divide the land it owned into four residences. and installation of water, sewer and underground electricity systems Occasional prepayment amounts will be paid to the bank on demand. Prime interest plus 4% of the daily principal balance will be charged to the developer's bank account on the 26th of every month. $30,000 in each lot's proceeds against the loan principal. Duncan withdrew $50,000 on June 3, $40,000 on June 30, and $25,000 on July 17. Two lots sold quickly, and Duncan paid off. Return $30,000 on July 31 and $35,000 on August 18. Prime rates started at 5%, changing to 5.25% effective July 5 and 5.5% effective July 26. Provide a repayment schedule at Shows maximum borrowing activity and interest and includes interest paid on August 26th.
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