Question
Tucker Drilling Corp. plans to borrow $200,000. Northern Dominion Bank will lend the money at onehalf of a percentage point over the prime rate of
Tucker Drilling Corp. plans to borrow $200,000. Northern Dominion Bank will lend
the money at onehalf of a percentage point over the prime rate of 8 percent and
requires an administration fee of 2 percent. There is a 20 percent compensating
balance requirement. What is the annual rate of interest?
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MATLAB An Introduction With Applications
Authors: Amos Gilat
6th Edition
111938513X, 978-1119385134
