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got2pass got2pass
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A month ago
Toronto Skaters Company is being offered a one-year variable rate loan at a rate of prime + 0.75%. The loan is to be paid in quarterly installments and there are no other fees associated with it. The prime lending rate is currently 6% compounded quarterly. What is the effective annual cost of this loan?

▸ 6%

▸ 6.92%

▸ 6.75%

▸ 6.14%
Textbook 
Corporate Finance

Corporate Finance


Edition: 5th
Author:
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otis24otis24
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A month ago
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