CH 15 Homework Send to Gradebook Question 3 View Policies Current Attempt in Progress Pharoah needs to borrow $8 million for an upgrade to its headquarters and manufacturing facility. Management has decided to borrow using a five-year term loan from its existing commercial bank. The prime rate is 3 percent, and Pharoah's current rating is prime +2.47 percent. The yield on a five-year U.S. Treasury note is 2.02 percent, and the three-month U.S. Treasury bill rate is 0.09 percent. What is the estimated loan rate for the five-year bank loan? Estimated loan rate is e Textbook and Media Attempts: 0 of 3 used Save for Later Submit Answer Send to Gradebook