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samualson samualson
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5 years ago
Your company needs to pay $10,000 for the overhaul of five trucks. A bank offers you a loan at 18 percent per annum with a compensating balance requirement of 15 percent of the loan amount. You plan to borrow the money for 9 months and currently do not have any account with this bank. What is the effective cost of the loan?
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guzmanguzman
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5 years ago
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samualson Author
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#2
5 years ago
I wanna give this person a hug.
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