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Carey Company is borrowing $225,000 for one year at 9.5 percent from Second Intrastate Bank. The bank requires a 15 percent compensating balance. The principal

Carey Company is borrowing $225,000 for one year at 9.5 percent from Second Intrastate Bank. The bank requires a 15 percent compensating balance. The principal refers to funds the firm can effectively utilize (Amount borrowed Compensating balance).

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