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Business, 02.12.2020 17:10 bananakingdoof

Kurt's Music has a line of credit with a local bank that permits it to borrow up to $650,000 at any time. The interest rate is .64 percent per month. The bank charges compound interest and also requires that 2 percent of the amount borrowed be deposited into a non-interest-bearing account. How much interest will the firm pay if it needs $200,000 of cash for three months to pay its operating expenses

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Kurt's Music has a line of credit with a local bank that permits it to borrow up to $650,000 at any...
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