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Franklin Company obtained a $ 1 3 5 , 0 0 0 line of credit from State Bank on January 1 , Year 1 .
Franklin Company obtained a $ line of credit from State Bank on January Year The company agreed to accept a variable interest rate that was set at above the bank's prime lending rate. The bank's prime rate of interest and the amounts borrowed or repaid during the first three months of Year are shown in the following table. Assume that Franklin borrows or repays on the first day of each monthJanFebMarAmount Borrowed or Repaid$ Prime Rate for the MonthWhat is the amount of interest expense recognized in March? Do not round your intermediate calculations. Round your final answer to the nearest whole number.
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