You have a 10,000 line of credit and your bank requires you to pay 0.5% of the

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You have a 10,000 line of credit and your bank requires you to pay 0.5% of the principal outstanding at the end of every month, as well as charging an interest at a rate of 9% per year, compounded monthly.You draw down $1,000 on the line on March 1st.What will be the balance of your loan on June 1st?

Posted Date: Jun 06, 2024 03:27 AM

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You have a 10,000 line of credit and your bank requires you to pay 0.5% of the

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