Noel Company has a line of credit with the Evant State Bank. Noel agreed to pay interest at an annual rate equal to 2% above the bank's prime rate. Funds are borrowed or repaid on the first day of each month and interest is paid in cash on the last day of each month.

Please refer to the activity summary included with the Ch. 10 Review Questions Instructions sheet:

The amount of interest paid at the end of March would be:

(Do not use $ signs, and round to the nearest whole dollar in your answer format)

Noel Company Data for Ch. 10 Review Question Month January February March Amt. Borrowed or (Repaid)Prime Rate for the Month $20,000 $30,000 ($20,000) 6% 5% 390