ABC Company negotiated a $250,000 revolving line of credit with the Bank of Montreal at prime plus 3%. On the twentieth of each month, interest is calculated (up to but not including the twentieth) and deducted from the company's savings account. If the initial loan advance of $25,000 on July 3 was followed by a further advance of $40,000 on July 29, how much interest was charged on July 20 and August 20? The prime rate was at 4% on July 3 and fell to 2.75% on August 5 i need final answer only

ABC Company negotiated a $250,000 revolving line of credit with the Bank of Montreal at prime plus 3%. On the twentieth of each month, interest is calculated (up to but not including the twentieth) and deducted from the company's savings account. If the initial loan advance of $25,000 on July 3 was followed by a further advance of $40,000 on July 29, how much interest was charged on July 20 and August 20? The prime rate was at 4% on July 3 and fell to 2.75% on August 5 i need final answer only

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PB: Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at...

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