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Maxim Air Filters Inc. plans to borrow $293,000 for one year. Northeast National Bank will lend the money at 18 percent interest and requires a

Maxim Air Filters Inc. plans to borrow $293,000 for one year. Northeast National Bank will lend the money at 18 percent interest and requires a compensating balance of 28 percent. What is the effective rate of interest? (Do not round intermediate calculations. Round your answer to 2 decimal places.

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The Palgrave Handbook Of Technological Finance

The Palgrave Handbook Of Technological Finance

Authors: Raghavendra Rau, Robert Wardrop, Luigi Zingales

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3030651169, 978-3030651169

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