Trevonne had a $750,000 line of credit with Treyenne State bank. They had an outstanding balance...

Trevonne had a $750,000 line of credit with Treyenne State bank. They had an outstanding balance of $150,000 at the beginning of 2020, paid $72,000 on the balance on January 28, 2020, borrowed an additional $165,000 on March 16, 2020. If the interest rate is seven percent compounded monthly, what is the balance on the line of credit as of March 31, 2020.

Date	Description	Amount	Days	Interest

Expert Solution

Answer is based on assumtion that interest is not paid monthly or quarterly, if interest is paid at each month or quarter end, balance will be = $150,000 - $72,000 + $165,000 = $243,000

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ekkarill92 answered 2 years ago

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