Ms Wadeson Obtained a $15,000 Demand Loan from the Canadian

Short Answer

Ms. Wadeson obtained a $15,000 demand loan from the Canadian Imperial Bank of Commerce on May 23 to purchase a car. The interest rate on the loan was prime plus 2%. The loan required payments of $700 on the 15^th of each month, beginning June 15. The prime rate was 4.5% at the outset, dropped to 4.25% on July 26, and then jumped by 0.5% on September 14. Prepare a loan repayment schedule showing the details of the first five payments.