You've worked out a line of credit arrangement that allows you to borrow up to $60 million at any time. the interest rate is .589 percent per month. in addition, 5 percent of the amount that you borrow must be deposited in a noninterest-bearing account. assume that your bank uses compound interest on its line-of-credit loans. a. what is the effective annual interest rate on this lending arrangement? (do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e. g., 32.16.) effective annual rate % b. suppose you need $29.45 million today and you repay it in five months. how much interest will you pay? (enter your answer in dollars, not millions of dollars, e. g., 1,234,567. do not round intermediate calculations and round your answer to 2 decimal places, e. g., 32.16.) total interest paid

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.

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