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Business, 22.10.2020 19:01 smilingntn33p7pqpp

oo, Inc., has arranged a line of credit that allows it to borrow up to $55 million at any time. The interest rate is .631 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 $31 million for 8 months, how much will it pay in interest

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oo, Inc., has arranged a line of credit that allows it to borrow up to $55 million at any time. The...
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