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You've worked out a line of credit arrangement that allows you to borrow up to $2.1 million at any time. The interest rate is 72

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You've worked out a line of credit arrangement that allows you to borrow up to $2.1 million at any time. The interest rate is 72 percent per month. In addition, 3 percent of the amount you borrow must be deposited in a non-interest-bearing account. Assume your lender uses compound interest and that you need $1.3 million today which you will repay in five months. How much interest will you pay? Multiple Choice $79,069 O $48,947 $42,103 O $47,479 $48,886

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