Yoo, Inc., has arranged a line of credit that allows it to borrow up to $57 million at any time. The interest rate is .633 percent per month. Additionally, the company must deposit 3 percent of the amount borrowed in a non-interest bearing account. The bank uses compound interest on its line-of-credit loans. If the company needs $33 million for 6 months, how much will it pay in interest?

Multiple Choice

• $1,458,582.25

• $1,099,704.72

• $1,273,342.30

• $926,067.13

• $1,312,724.02