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
$6,500
$4,333
$14,000
$2,333
$3,500
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