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In discussing a possible loan with the firms banker, Smith found that the bank is willing to lend Dellvoe up to $800,000 for one year
In discussing a possible loan with the firms banker, Smith found that the bank is willing to lend Dellvoe up to $800,000 for one year at a 9 percent simple, or quoted, rate. However, he forgot to ask what the specific terms would be. Dellvoe normally maintains a negligible balance in its transactions (checking) account at the bank.
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