Question
XYZ, Inc. borrowed $10,000 from National City Bank for four months. The loan was made at a simple interest rate of 8.5 percent but required
XYZ, Inc. borrowed $10,000 from National City Bank for four months. The loan was made at a simple interest rate of 8.5 percent but required a compensating balance of 20 percent. Find the effective annual interest rate for this loan.
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Strategy Mapping An Interventionist Examination Of A Homebuilders Performance Measurement And Incentive Systems
Authors: Kenneth Merchant
1st Edition
0080965946, 9780080965949
