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