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Pool depot would like to maintain a minimum balance of $18,000 at the end of each month. Pool Depot borrows money from the bank at
Pool depot would like to maintain a minimum balance of $18,000 at the end of each month. Pool Depot borrows money from the bank at 15% interest if necessary to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on July 1 was $30,000. All amounts borrowed during a month are borrowed on the first day. The loan balance as of July 1 is $24,000. What is the repayment interest on the loan? Please enter your answer without commas or dollar signs. Round to nearest whole number.
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