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A bank lends a firm $1,000,000 for one year at 12 percent on a discounted basis and requires compensating balances of 10 percent of the
A bank lends a firm $1,000,000 for one year at 12 percent on a discounted basis and requires compensating balances of 10 percent of the face value of the loan. The effective annual interest rate associated with this loan is __________.
- 12 percent
- 13.3 percent
-
- 13.6 percent
-
- 15.4 percent
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Campaign Finance Reform
Authors: Melissa M. Smith, Glenda C. Williams, Larry Powell, Gary A. Copeland
1st Edition
