Waller Corporation has an $18 million revolving credit agreement with its bank at prime plus...

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Finance

Waller Corporation has an $18 million revolving credit agreement with its bank at prime plus 3%, based on a calendar year. It borrowed $3 million on June 1, when it accessed the agreement for the first time. Prime is 8.75% and the bank's commitment fee is 1/4% annually. What bank charges will Waller incur for the month of June? a. $3,120 b. $32,496 c. $262,500 d. $29,375

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