Business, 30.10.2021 14:00, mariana2006

You've worked out a line of credit arrangement that allows you to borrow up to $2.5 million at any time. The interest rate is .65 percent per month. In addition, 2 percent of the amount you borrow must be deposited in a non-interest-bearing account. Assume your lender uses compound interest and that you need $1.2 million today which you will repay in five months. How much interest will you pay

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You've worked out a line of credit arrangement that allows you to borrow up to $2.5 million at any t...