Tucker Drilling Corp. plans to borrow $200,000. Northern Dominion Bank will lend the money at one-half of
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Tucker Drilling Corp. plans to borrow $200,000. Northern Dominion Bank will lend the money at one-half of a percentage point over the prime rate of 8 percent and requires an administration fee of 2 percent. There is a 20 percent compensating balance requirement. What is the annual rate of interest?
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Related Book For 
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
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