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Yoo, Incorporated, has arranged a line of credit that allows it to borrow up to $ 5 1 million at any time. The interest rate
Yoo, Incorporated, has arranged a line of credit that allows it to borrow up to $ million at any time. The interest rate is percent per month. Additionally, the company must deposit percent of the amount borrowed in a noninterestbearing account. The bank uses compound interest on its IIneofcredit loans. If the company needs $ million for months, how much will it pay in interest?
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