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borteleto borteleto
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6 years ago
Idaho Mining, Inc. borrows at prime plus 1.5% on its line of credit. The line requires a 15% compensating balance. If the prime rate is 9% and Idaho Mining plans on borrowing for a period of one year, what is the nominal APR of the line of credit?
A) 9.0%
B) 6.0%
C) 10.6%
D) 12.4%
Textbook 
Foundations of Finance

Foundations of Finance


Edition: 9th
Authors:
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Marc18Marc18
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borteleto Author
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#2
6 years ago
My teacher is very rude and likes to speed his way through a lesson without letting the class ask questions. Thank you for helping me. You're a life saver Slight Smile
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