An existing borrower applies for a micro loan. They currently have an unpaid OL with a principal balance of $23,600. The FBP shows that they expect to sell calves in the next two weeks that will pay the OL in full. What is the maximum amount of the microloan can be approved for?
A. 50,000
B. $26,400
C. The loan can be approved for up to $50,000 with an approval condition that the new microloan and old OL balance, does not exceed $50,000 at closing