Bailey borrowed $4000 at prime plus 1.5% on January 5th of a non-leap year. The...
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Bailey borrowed $4000 at prime plus 1.5% on January 5th of a non-leap year. The loan requires fixed monthly payments of $1000 on the first day of each month. The prime rate was 13.5% on January 5th and increased to 14. 25% effective February 15th, and 14.75% effective April 23rd. Construct the loan repayment schedule.
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