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Yoo, Inc, has arranged a line of credit that allows it to borrow up to $43 million at any time. The interest rate is 619
Yoo, Inc, has arranged a line of credit that allows it to borrow up to $43 million at any time. The interest rate is 619 percent per month. Additionally, the company must deposit 5 percent of the amount borrowed in a non-interest beating account. The bank uses compound interest on its line-of-credit loans. If the company needs $19 million for 8 months, how much will it pay in interest? Multiple Choice $1,214,549,66 $1.088,03407 $961,518.48 51,124,583.02 51,01212472
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