A bank charges Iron Inc. an interest rate of 5.5% compounded quarterly on its line of credit.
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Question:
A bank charges Iron Inc. an interest rate of 5.5% compounded quarterly on its line of credit. If 0.5% was added to the effective interest rate, calculate the new interest rate compounded quarterly.
Round to two decimal places
Related Book For
Engineering Economic Analysis
ISBN: 9780195168075
9th Edition
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
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