On December 27, 2014, Terrell Corp Determine the Amount of Interest to Be Paid at the a Line

On December 27, 2014, Terrell Corp. signed an agreement for a line of credit with the Barnett Bank. Under the agreement, Terrell can borrow up to $50,000 at any time during the following year. Terrell will make any borrowings or paybacks on the first day of a month and make interest payments on the last day of any month when a balance exists. The annual interest rate will be the bank's prime rate plus 1% and will be applied to the outstanding monthly balance. The following table gives the appropriate information for the first three months of 2015. $\begin{array}{l}&\text { Amount Borrowed }\\\underline { \text { Month } } & \text { or (Repaid) } & \text { Prime Rate } \\\text { January } & \$ 20,000 & 4 \% \\\text { February } & 20,000 & 4.5 \% \\\text { March } & ( 15,000 ) & 5 \%\end{array}$
Determine the amount of interest to be paid at the end of each of the three months.