Colson Company has a line of credit with Federal Bank. Colson can borrow up to $446,000 at any time over the course of the calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first four months of the year. Colson agreed to pay interest at an annual rate equal to 3.00 percent above the bank's prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Colson pays 6.50 percent (3.50 percent +3.00 percent) annual interest on $78,700 for the month of January. Required a. Compute the amount of interest that Colson will pay on the line of credit for the first four months of the year. b. Compute the amount of Colson's liability at the end of each of the first four months. Complete this question by entering your answers in the tabs below. Compute the amount of interest that Colson will pay on the line of credit for the first four months of the year. (Round your answers to the nearest whole dollar.) Coison Company has a line of credit whth Fegeral Bans, colson car porrow up io $446,000 ot any time over the course of the calendar year, The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repald daing the first four months of the yeac. Colson agroed to pay interest at an annual rate equal to 3.00 percent above the bank's prime fate. Funds are borrowed of repad on the first copy of each monith Interest is payoble in cash on the last day of the month. The interest tate is applied to the outstanding monthy balance. For example. Colson pays 6,50 percent 3.50 percent +3,00 percent arnual interest on $78,700 for the month of January Required a. Compute the amount of interest that Colson wal pay on the line of credit for we fist four months of the year. b. Compute the amount of Colsons lability at the end of each of the first foue months. Complete this questien by eatering your answers in the tabsi below. Round your final answers bo the negies whoie doilios