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stranahan stranahan
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7 years ago
Jensen Wholesalers has a $150,000 compensating balance loan with its bank. The terms of the loan call for Robertson to keep 8% of the loan as a compensating balance and pay interest at an annual rate of 7.50% on the entire amount. If the firm borrows the maximum amount for one year, how much interest is due at the end of the year?
A) $10,650
B) $12,375
C) $14,250
D) $11,250
Textbook 
Financial Management: Core Concepts

Financial Management: Core Concepts


Edition: 2nd
Author:
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tokentame78tokentame78
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7 years ago
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stranahan Author
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#2
7 years ago
Thanks Smiling Face with Open Mouth and Tightly-closed Eyes
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