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Indigo Company can borrow up to $50,000 on its bank line of credit. The company agrees to pay interest monthly at 2 percent above prime.

Indigo Company can borrow up to $50,000 on its bank line of credit. The company agrees to pay interest monthly at 2 percent above prime. Funds are borrowed or repaid on the first day of each month. The amount of interest to be accrued on March 31 is

a. $225.00. b. $100.00. c. $133.33. d. $200.00.

Answer in detail please

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