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The Oriole Bank requires borrowers to keep an 10 percent compensating balance. Gorman Jewels borrows $320,000 at a 9 percent stated APR. What is the
The Oriole Bank requires borrowers to keep an 10 percent compensating balance. Gorman Jewels borrows $320,000 at a 9 percent stated APR. What is the effective interest rate on the loan?
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Investments An Introduction
Authors: Herbert B. Mayo
13th Edition
0357127951, 978-0357127957
