Youve worked out a line of credit arrangement that allows you to borrow up to $60 million at any time. The interest rate is .583 percent per month. In addition, 4 percent of the amount that you borrow must be deposited in a noninterest-bearing account. Assume that your bank uses compound interest on its line-of-credit loans. The effective annual rate is 7.52%

Suppose you need $24 million today and you repay it in six months. How much interest will you pay?