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3. Barebo Company has a line of credit with the Daniels State Bank. Barebo 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. Activity to date is given as follows: [10 Points] Amount Borrowed Prime Rate Month or (Repaid) Loan Balance for the month April $40,000 $40,000 472% May $10,000 $50,000 5% June ($10,000) $40,000 4% The amount of interest paid for the month of June would be: Answer $