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What is the company interest expense for the month of jan

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Problem 1: On January 1, 2020, the Grove Corporation arranges a $3,000 line of credit with the Commerce Bank. It accepted the bank's offer of 1% above the prime rate with interest payments due on the first business day of the following month. Commerce's prime rate as of January 2020 is 4%. Assuming Grove Corporation borrows $3,000 in January, what is the company's interest expense for the month of January related to this borrowing?

Reference no: EM132807133

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