You've worked out a line of credit arrangement that allows you to borrow up to $55 million at any time. the interest rate is 0.55 percent per month. in addition, 3 percent of the amount you borrow must be deposited in a non-interest-bearing account. assume that your bank uses compound interest on its line-of-credit loans. suppose you need $12 million today and you repay it in six months. how much interest will you pay?
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