9 AGEC 325-Fall 2023 Decks 19 & 20 Due: No later than 11:59 PM on Wednesday, November 15 Problem A. Line of Credit Analysis (42 pts) Calculate the amount of interest and principal paid in each year based on the history of borrowing and payments on the line of credit. Using that information, find the outstanding balance as of that date. Assume that interest accrues over the course of the month. So, for example, any outstanding balance on January 1 has accrued one month of interest on February 1. Show your work in order to receive full credit. Date Jan. 1 Feb. 1 Mar. 1 Apr. 1 May 1 Jun. 1 Jul. 1 Aug. 1 Sep. 1 $ Borrowe d 50,000 60,000 0 15,000 0 0 0 23,000 Annual Interes t Rate 8% 8% 8% 9% 9% 8% 8% 8% 7% $ Repaid 0 9,000 0 0 0 30,000 35,000 35,000 0 4,000 4,800 0 Int Paid 1,350 0 0 0 1,610 Principal Paid 0 0 0 0 0 Outstanding Monthly Balance Interest Accrued Interest