Answered
Schubert Manufacturing borrows from the bank at 8% with a .30% commitment fee on any unused funds. The company borrowed $4 million last month with another $6 million available on their revolving line of credit. Fifteen days into the new month the company borrowed another $2 million. What is the firm's interest expense for the month? Assume a 30 day month.
A) $35,500
B) $33,500
C) $35,000
D) $34,000
On Jul 24, 2024