Ranger Cleaning Company has borrowed $90,000 at a stated APR of 8.5 percent. The loan calls for
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Ranger Cleaning Company has borrowed $90,000 at a stated APR of 8.5 percent. The loan calls for a compensating balance of 8 percent. What is the effective interest rate on this loan?
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Amount to be borrowed 90000 Stated annual interest rate 85 Com...View the full answer
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Related Book For
Fundamentals of corporate finance
ISBN: 978-0470876442
2nd Edition
Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates
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