Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. young company has a line of credit at state bank t

Young Company has a line of credit at State Bank to borrow money on an...

90.2K

Verified Solution

Question

Accounting

image

Young Company has a line of credit at State Bank to borrow money on an as needed basis to build its merchandise inventory level. The company pays interest at the end of each month based on 2% above the prime rate. The borrowings and repayments are provided below. What amount of interest will Young Company pay the bank on September 30? a) $106.25 b) $177.08 c) $1,275.00 d) $2,125.00

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students