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mantparn mantparn
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7 years ago
Tangshan Mining borrowed $100,000 for one year under a line of credit with a stated interest rate of 7.5 percent and a 15 percent compensating balance. Normally, the firm keeps a balance of about $10,000 in its checking account. Based on this information, the effective annual interest rate on the loan is ________.
A) 7.89%
B) 8.05%
C) 8.89%
D) 7.29%
Textbook 
Principles of Managerial Finance

Principles of Managerial Finance


Edition: 14th
Authors:
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UlainUlain
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7 years ago
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mantparn Author
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#2
7 years ago
Whoa I needed this Smiling Face with Open Mouth
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