require an annual fee of 50,000 and an interest of 1% per month. On March 1, 2020, 3,000,000 is used up and will be paid the next year 2021. The annual fee will be paid every January 25 and the interest will be paid every 25th of the following month. KO0 Inc. paid the necessary payments on time. What is the total interest payable relating to the credit line as of December 31, 2020?
require an annual fee of 50,000 and an interest of 1% per month. On March 1, 2020, 3,000,000 is used up and will be paid the next year 2021. The annual fee will be paid every January 25 and the interest will be paid every 25th of the following month. KO0 Inc. paid the necessary payments on time. What is the total interest payable relating to the credit line as of December 31, 2020?
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...
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On January 1, 2020, KOO Inc. got a credit line from a bank worth 5,000,000. The credit line would require an annual fee of 50,000 and an interest of 1% per month. On March 1, 2020, 3,000,000 is used up and will be paid the next year 2021. The annual fee will be paid every January 25 and the interest will be paid every 25th of the following month. KO0 Inc. paid the necessary payments on time. What is the total interest payable relating to the credit line as of December 31, 2020?
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