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Help. I can't figure this out DQuestion 13 1 pts Firm H paid total interest of $65,000 on its line of credit borrowings for the
Help. I can't figure this out
DQuestion 13 1 pts Firm H paid total interest of $65,000 on its line of credit borrowings for the year, as well as a $1.000 commitment fee. The firm had average daily borrowings of $800.000 for the year, but the bank retained 10% of these borrowings in the form of a compensating balance. What is annual effective rate of interest did Firm H pay on this credit line? 5.50% 775% @ 8.25% O 9.17% Step by Step Solution
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