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Your Company has a $20 million revolving credit agreement with its bank at 7% based on a calendar year. Prior to the month of June
Your Company has a $20 million revolving credit agreement with its bank at 7% based on a calendar year.
Prior to the month of June it had borrowed $8 million.
On June 11, it borrowed another $4 million (assume the funds were available on June 11.
The bank's commitment fee is 0.15% annually.
What bank charges will the company incur for the month of June.
$63,388.90 |
$54,571 |
$49,245 |
$68,824 |
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