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can someone please help me with this managerial finance question thank you Yoo Incorporated, has arranged a line of credit that allows it to borrow
can someone please help me with this managerial finance question thank you
Yoo Incorporated, has arranged a line of credit that allows it to borrow up to $46 million at any time. The interest rate is .622 percent per month. Additionally, the company must deposit 4 percent of the amount borrowed in a non-interest bearing account. The bank uses compound interest on its line-of-credit loans. If the company needs $22 million for 7 months, how much will it pay in interest? Multiple Choice $1,129,560.75 $1,064,662.35 $1,016,604.68
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