Logan Drilling Corp. plans to borrow $200,000 for one year. Northern National Bank will lend the money
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Logan Drilling Corp. plans to borrow $200,000 for one year. Northern National Bank will lend the money at 10 percent interest and requires a compensating balance of 20 percent. What is the effective rate of interest?
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Related Book For
Foundations of Financial Management
ISBN: 978-0077454432
14th edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
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