Question
In exchange for a $2,000,000 line of credit, a company has agreed to pay 1% per quarter on any funds actually borrowed and maintain a
In exchange for a $2,000,000 line of credit, a company has agreed to pay 1% per quarter on any funds actually borrowed and maintain a 5% compensating balance on any funds actually borrowed. What is the effective annual interest rate on this lending arrangement?
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Foundations In Personal Finance
Authors: Dave Ramsey
3rd Edition
1936948524, 978-1936948529
