Oxford Furniture has a new $75,000 revolving line of credit on March 1. They drew $30,000 down on March 7, another $15,000 on March 24, and $12,000 on April 22. Interest is at prime plus 1.5% calculated on the 15th of the month. Prime was 5.25% on March 1 and dropped by 0.5% on April 5.
Present a loan repayment schedule showing details of transactions up to May 15.
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