Question
The treasurer of Brandon Blue Sox is seeking a $30,000 loan for 180 from the Brandon Credit Union. The stated interest rate is 15 percent
The treasurer of Brandon Blue Sox is seeking a $30,000 loan for 180 from the Brandon Credit Union. The stated interest rate is 15 percent and there is a 20 percent compensating requirement. The treasurer always keeps a minimum of $2,500 in the firm's chequing account. These funds could count toward meeting any compensating balance requirements.
What is the annual rate of interest on this loan?
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Financial Accounting in an Economic Context
Authors: Jamie Pratt
10th edition
978-1-119-3061, 1119306167, 978-1119444367
