16. An arrangement has been made with the local bank that if ToyWorks maintains a minimum balance of $30,000 in their bank account, the};r will be given a line of credit at a preferred rate of 6% per annum. All borrowing is considered to happen on the first day of the month, repayments are on the last dayr of the month. All borrowings and repayments from the bank should be in multiples of $1,000 and interest must be paid at the end of each month. Interest is calculated on the balance at the beginning of the month. which includes any amounts borrowed that month