(Solution) - Bridgeport Inc has a 30 million revolving credit agreement wit -(2025 Original AI-Free Solution)

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Bridgeport Inc. has a $30 million revolving credit agreement with its bank at prime plus 3.2% based on a calendar year. Prior to the month of April, it had taken down $15 million that was outstanding for the entire month. On April 10, it took down another $5 million. Prime is 8.2%, and the bank?s commitment fee is .25% annually. Calculate the charges associated with Bridgeport?s revolving credit agreement for the month of April.