Yoo Incorporated, 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 bearing 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

$1,124,583.02

$961,518.48

$1,088,034.07

$1,012,124.72

$1,214,549.66