PDQ Enterprise can borrow from its bank using a one-year (a) simple interest loan with a 12

Question:

PDQ Enterprise can borrow from its bank using

a one-year (a) simple interest loan with a 12 percent

quoted rate and no compensating balance

or (b) discount interest loan with a quoted rate

equal to 10 percent that requires a 15 percent

compensating balance. What is the EAR of the

lower cost loan? PDQ normally tries to keep its

checking account balance close to $0.

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