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A firm is able to borrow up to ${ b } million from its line of credit at any time. The interest rate is 0.8% per month and the company is required to maintain a compensating balance of 2% on any funds actually borrowed which will be deposited in a non-interest bearing account. Suppose the company needs $10,000,000 today and plans to repay it in six months. How much interest it needs to pay? 4% of compensating balance on any funds actually borrowed is still required. Round Interest amount to two decimals (e.g. 22.05 ), and the unit is (\$). Your Answer: Answer units A firm is able to borrow up to ${ b } million from its line of credit at any time. The interest rate is 0.8% per month and the company is required to maintain a compensating balance of 2% on any funds actually borrowed which will be deposited in a non-interest bearing account. Suppose the company needs $10,000,000 today and plans to repay it in six months. How much interest it needs to pay? 4% of compensating balance on any funds actually borrowed is still required. Round Interest amount to two decimals (e.g. 22.05 ), and the unit is (\$). Your Answer: Answer units