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Question: Banc Two wants to attract Michael's Computers Inc. to become a customer. Their sales force contacts Michael's and offers them a line of credit financing. The line of credit will be for $500,000 with a one month clean-up period. The APR on borrowed funds is 11 percent. Banc Two will offer the line of credit if Michael opens an account and maintains an average balance of $100,000 over the next 12 months. As in Problem 13, ignoring compensating balances, Michael's CFO believes its financing needs will average $280,000 monthly over the next year, with a low monthly need of $50,000 and a high need forecast of $450,000.
a. Will the line of credit satisfy Michael's needs for short-term funds?
b. How much money will Michael's draw down from the line of credit during a low-use month?
c. How much will Michael need to borrow in a month before it maximizes its use of the line of credit?
d. What is the average cost to Michael's of using the line of credit for a year
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