Question 18 (1 point) Saved On a $1 million line of credit for one year, a company has agreed to the followin conditions: (A) accrue 0.92% monthly interest on any funds borrowed; (B) maint compensating balance of 6.98% of any funds borrowed; and (C) pay the accrued interest and the amount borrowed together at the end of the year. The compan does not have excess cash and will need to borrow additional funds under the line credit to keep the compensating balance. If the company needs $100,000 after setting aside the compensating balance, how much interest will it pay in total att end of the year? $11,551 $11,863 $12,176 $12,488 $12,800 Page 18 of 2 Previous Page Next Page