Connecticut Advanced Technologies (CAT) is planning to get a 30-day, $150,000, simple interest loan from its bank.

Question:

Connecticut Advanced Technologies (CAT) is

planning to get a 30-day, $150,000, simple interest

loan from its bank. The quoted interest rate on the loan is 10 percent. Calculate the APR and

rEAR assuming the loan (a) has no compensating

balance requirement and (b) has a 20 percent

compensating balance requirement, and CAT

currently holds no funds at the lending bank.

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