Question
Adam obtained a floating-rate loan in 20X1 and was charged a premium of 3% above the prime rate of 6%p.a.. The prime rate increased to
Adam obtained a floating-rate loan in 20X1 and was charged a premium of 3% above the prime rate of 6%p.a.. The prime rate increased to 6.7%p.a. in 20X2 and then 7.2%p.a. in 20X3. What is the interest rate that Ben must pay in 20X3?
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Finance Applications And Theory
Authors: Marcia Millon Cornett, John R. Nofsinger, Troy Adair
3rd International Edition
1259252221, 9781259252228
