Question
Olivier's beekeeping manufacturing borrows 7.5 million from Credit Suisse for one year at 13% interest. Interest is prepaid and there is a compensating balance of
Olivier's beekeeping manufacturing borrows 7.5 million from Credit Suisse for one year at 13% interest. Interest is prepaid and there is a compensating balance of 5%.What is the effectiveinterest rate on my loan?How much do I need to borrow to get my 7.5 million?
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Intermediate Accounting
Authors: David Spiceland
11th Edition
1264134525, 9781264134526
