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Posted on Sep 09, 2024

On January 1 , 2 0 2 5 , Concord Company borrows $ 2 8 6 0 0 0 0 fron National Bank at 1

On January

1, 2025,

Concord Company borrows $

2860000

fron National Bank at

10 %

annual interest. In addition, Concord is required to keep compensating balance of $

240000

on deposit at National Bank which will earn interest at

4 % .

The effective interest that concord pays on its $

2860000

loan is

?

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