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

question 63

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 15^th 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?

---

Definitions:

Herbert Blumer

An American sociologist who developed symbolic interactionism, emphasizing the role of symbols and language in social interaction.

Anomic Suicide

A concept by Durkheim referring to suicide resulting from weakened social integration and norms, often occurring during periods of social upheaval or drastic change.

Minority Status

A social position that is conferred upon groups by a societal majority, often leading to marginalization or unequal treatment.

Canadian Sociologist

A Canadian sociologist is a social scientist specializing in the study of society, social relationships, and culture in Canada.