If a business has a line of credit worth $1,000,000 with a bank and the terms state the used portion has a 4% rate and
If a business has a line of credit worth $1,000,000 with a bank and the terms state the used portion has a 4% rate and the unused portion has a .6% rate, how much total interest would the business pay if it uses half of the credit available? What would the overall rate of interest paid (based only on the amount used) be?
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Authors: George H. Pink
6th Edition
1567939651, 978-1567939651
