ged with the bank for a 6-month line of credit of $200,000 at prime plus 2%. Prime rate is 4%. The bank charges a commitment fee of 0.5% annually on any unused balance. BMI Ltd. ended up using only $160,000 for 4 months. 1 question   what is the total interest charged? 2 question  what is the total commitment fee charged

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

A: Cook security systems has line of credit = $37500 Annual charge rate = 4% On October 1, Opening…

Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

A: Solution- Interest rate = 6% +4% = 10%   Rate of interest charged each day = 10% / 360 = 0.02778%…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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Q: Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime…

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