You've worked out a line of credit arrangement that allows you to borrow up to $50 million at any time. The interest rate is .59 percent per month. In addition 4% of the amount that you borrow must be deposited in a non-interest-bearing account. Assume that your bank uses compound interest on its line of credit loans. Showing the steps. b. Suppose you need $23 million and you repay it in 6 months. How much interest will you pay?