Question
Ranger Cleaning Company has borrowed $90,000 at a stated APR of 8.5 percent. The loan calls for a compensating balance of 8 percent. What is
Ranger Cleaning Company has borrowed $90,000 at a stated APR of 8.5 percent. The loan calls for a compensating balance of 8 percent. What is the effective interest rate on this loan? (Round answer to 2 decimal places, e.g. 15.21.) Please show breakdown of equation.
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Todays Mood Is Sponsored By Auditing
Authors: Ruby Publishing
1st Edition
B08BG52SST, 979-8655512771
