posted by Anonymous on .
On the June 12 interest payment date, the outstanding balance on Delta Nurseries’ revolving loan was $65,000. The floating interest rate on the loan stood at 9.25% on June 12, but rose to 9.5% on July 3, and to 10% in July 29. If Delta made principal payments of $10,000 on June 30 and July 31, what were the interest charges to its bank account on July 12 and August 12?
Present a repayment schedule supporting the calculations.