PC Financial Approved a $75 000 Line of Credit on a Demand

question 38

Essay

PC Financial approved a $75 000 line of credit on a demand basis to Little Blessings day care to finance equipment. Interest at the rate of prime plus 1% is charged to the account at the bank on the 15th of each month. The initial advance was $45 000 on July 15, when the prime rate stood at 3%. There were further advances of $8000 on August 20 and $10 000 on September 10. Payments of $15 000 each were applied against the principal on October 1 and November 1. What was the total interest accumulated on the loan for the period July 15 to November 15?

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Definitions:

Lung Crackles

Sounds heard through a stethoscope that are produced by fluid in the airways or alveoli during breathing, often associated with respiratory conditions.

Dyspnea

A medical term for difficulty breathing or shortness of breath, often experienced as a feeling of tightness in the chest.

Cardiovascular Assessment

A comprehensive evaluation of the heart and blood vessels' function and health, often involving physical examination, blood tests, and imaging studies.

Heart Sounds

Noises generated by the beating heart and the resultant flow of blood through it, which can be normal or indicative of heart disease, often heard with a stethoscope.