Question
What is the effective rate of borrowing $100,000 through a 5% note when 3% of the proceeds are required to be maintained on deposit through
What is the effective rate of borrowing $100,000 through a 5% note when 3% of the proceeds are required to be maintained on deposit through the term of the note?
| None of these is correct | ||
| 4.85% | ||
| 5.00% | ||
| 4.76% | ||
| 2.86% | ||
| 5.15% |
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Horngrens Accounting Volume 1
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood
11th Canadian Edition
0135359708, 9780135359709
