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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
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
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$1,458,582.25
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$1,099,704.72
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$1,273,342.30
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$926,067.13
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$1,312,724.02
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