Determine the effective annual interest rate on a $25,000 line of credit with an annual percentage rate
Question:
Line of Credit
A line of credit (LOC) is a preset borrowing limit that can be used at any time. The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit. A LOC is...
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Step by Step Answer:
Using Eq 165 we get a yield for the line of credit as follows i 1 r c c 1 1 0087512 12 1 009...View the full answer
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Muhammad Salman Alvi
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Related Book For 
Construction Accounting And Financial Management
ISBN: 9780132675055
3rd Edition
Authors: Steven J. Peterson
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