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Computer Graphics Company needs $317, 050 in funds for a project. (a) With a compensating balance requirement of 15 percent, how much will the firm
Computer Graphics Company needs $317, 050 in funds for a project. (a) With a compensating balance requirement of 15 percent, how much will the firm need to borrow? (Omit the "$" sign in your response.) Amount to be borrowed $ (b) Given your answer to part a and a stated interest rate of 11 percent on the total amount borrowed, what is the effective rate on the $317, 050 actually being used? (Round your answer to 2 decimal places. Omit the "%" sign in your response.) Effective rate %
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