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A company has a credit line of GHS 1,000,000 with a 10% compensating balance requirement. It needs to borrow an amount of GHS 250,000 for

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A company has a credit line of GHS 1,000,000 with a 10% compensating balance requirement. It needs to borrow an amount of GHS 250,000 for 1 year at a rate of 15% per annum for an urgent transaction. 16. How much does the company need to borrow? 17. What is the effective interest rate on the amount borrowed

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