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What is the total interest paid to the end of march

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Company A has a $ 5,000,000 line of credit with Bank B.

The bank charges 6% on any borrowed fund and 0.25% on any unused amount. The following is Co A's activities on this line for the first two quarters of this year.

Q 1: Borrow $ 1,500,000 on the 15th of January and an additional $ 1,500,000 on the 1st of February

Q 2: Pay back $ 1,000,000 on the 15th of April

Problem 1: what is the total interest paid to the end of March?

Reference no: EM132930670

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