Question
Question 18 Company A has borrowed $6,162,414 for one month at a stated annual rate of 9.8%, using inventory stored in a field warehouse as
Question 18
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Company A has borrowed $6,162,414 for one month at a stated annual rate of 9.8%, using inventory stored in a field warehouse as collateral. The warehouser charges a $6,385 fee, payable at the end of the month.
What is the effective annual rate of this loan?
NOTE: Answer in percentages. If your answer is 0.0204, you must answer 2.04. Do not use the "%" sign.
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Sports Finance And Management Real Estate Media And The New Business Of Sport
Authors: Jason A. Winfree, Mark S. Rosentraub, Brian M Mills, Mackenzie Zondlak
2nd Edition
1138341819, 9781138341814
