13. The treasure of Neiman Supermarkets is seeking a $30,000 loan for 180 days from Wrigley Bank...
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13. The treasure of Neiman Supermarkets is seeking a $30,000 loan for 180 days from Wrigley Bank and Trust. The stated interest rate is 10 percent and there is a 15 percent compensating balance requirement. The treasurer always keeps a minimum of $2,500 in the firm’s checking account. These funds could count toward meeting any compensating balance requirement. What is the effective rate of interest on this loan?
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Related Book For 
Foundations Of Financial Management
ISBN: 9780073382388
13th Edition
Authors: Stanley B. Block, Geoffrey A. Hirt, Bartley R. Danielsen
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