Ranger Cleaning Company has borrowed $90,000 at a stated APR of 8.5 percent. The loan calls for

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Ranger Cleaning Company has borrowed $90,000 at a stated APR of 8.5 percent. The loan calls for a compensating balance of 8 percent. What is the effective interest rate on this loan?

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Fundamentals of corporate finance

ISBN: 978-0470876442

2nd Edition

Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates

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Question Posted: Jun 12, 2012 01:13 AM

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Ranger Cleaning Company has borrowed $90,000 at a stated APR of 8.5 percent. The loan calls for

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Amount to be borrowed 90000 Stated annual interest rate 85 Com...View the full answer

Fundamentals of corporate finance

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