Penn inc needs to borrow 250000 for the next 6 months the, Finance Basics

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Penn inc needs to borrow 250000 for the next 6 months the

Question: Penn Inc. needs to borrow $250,000 for the next 6 months. The company has a line of credit with a bank that allows the company to borrow funds with an 10% interest rate subject to a 20% of loan compensating balance. Currently, Penn Inc. has no funds on deposit with the bank and will need the loan to cover the compensating balance as well as their other financing needs. What will be the total interest amount for this financing?

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Finance Basics: Penn inc needs to borrow 250000 for the next 6 months the

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