Logan Drilling Corp. plans to borrow $200,000 for one year. Northern National Bank will lend the money
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Logan Drilling Corp. plans to borrow $200,000 for one year. Northern National Bank will lend the money at 10 percent interest and require a compensating balance of 20 percent. What is the effective rate of interest?
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Related Book For 
Foundations Of Financial Management
ISBN: 9780073295817
12th Edition
Authors: Stanley B Block, Geoffrey A Hirt
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