Question
Your company plans to borrow $12 million for 12 months, and your banker gives you a stated rate of 15 percent interest. Calculate the effective
Your company plans to borrow $12 million for 12 months, and your banker gives you a stated rate of 15 percent interest.
Calculate the effective rate of interest for the following types of loans
D-Discounted interest with a compensating balance of 6 percent. (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)
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International Financial Management
Authors: Geert Bekaert, Robert Hodrick
3rd edition
1107111820, 110711182X, 978-1107111820
