England Corporation's cash receipts and cash disbursements for the first quarter are as follows: ...
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Accounting
England Corporation's cash receipts and cash disbursements for the first quarter are as follows:
| Cash Receipts | Cash Disbursements | |
| January | $750,000 | $1,010,000 |
| February | $840,000 | $990,000 |
| March | $760,000 | $620,000 |
England has lines of credit available when they need to borrow money. These lines of credit allow them to borrow in increments of $10,000. England borrows at the beginning of the month and pays 10% interest as the loan is repaid at the end of month. England started January with $0 cash. How much total interest is paid in March (round final answer to zero decimal places)?
Multiple Choice
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$6,500
-
$4,333
-
$14,000
-
$2,333
-
$3,500
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