Art, Music, and Creative Writing homework help

Morton Company needs to pay a supplier’s invoice of $60,000 and wants to take a cash discount of 2/10, net 40. The firm can borrow the money for 30 days at 11% per annum with a 9% compensating balance. Assume a 360-day year. The amount Morton Company must borrow to pay the supplier within the discount period and cover the compensating balance is