Yoo, Inc., has arranged a line of credit that allows it to borrow up to $47 million at any time. The interest rate is .623 percent per month. Additionally, the company must deposit 5 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 $23 million for 8 months, how much will it pay in interest?

Multiple Choice

• $1,222,569.80

• $1,370,326.77

• $1,171,629.39

• $1,233,294.09

• $1,197,099.59