Royal Industries has budgeted the following information for January: If there is a cash shortage, the company borrows money. If a surplus occurs funds are used to repay loans of to invest in stort assets, All borrowing, repayments, and interest payments occur on the last day of the month. The interest rate is 1.00% per month The company had no debt before January 1st. The amount of interest paid in February would be Multiple Choice $170. $55 $170 $55. $1,700. $550