A contractor established a $150,000 line of credit with a bank. When it was established, 2 points were charged on the full amount of the line borrowed. During the first 6 months, the average amount borrowed was $99,000. What was the total cost of the line of credit at the end of 6 months? $8,197.50 $13,395.00 $10,395.00 $6,697.50

A contractor established a $150,000 line of credit with a bank. When it was established, 2 points were charged on the full amount of the line borrowed. During the first 6 months, the average amount borrowed was $99,000. What was the total cost of the line of credit at the end of 6 months? $8,197.50 $13,395.00 $10,395.00 $6,697.50

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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