Question
A contractor established a $150,000 line of credit with a bank. When it was established, 2 points were charged on the full amount of the
A contractor established a $150,000 line of credit with a bank. When it was established, 2 points were charged on the full amount of the line borrowed. During the first 6 months, the average amount borrowed was $99,000. What was the total cost of the line of credit at the end of 6 months?
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Understanding financial statements
Authors: Lyn M. Fraser, Aileen Ormiston
9th Edition
136086241, 978-0136086246
