Suppose your firm is seeking a seven - year, amortizing $ 8 7 0 , 0 0
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Question:
Suppose your firm is seeking a sevenyear, amortizing $ loan with annual payments, and your bank is offering you the choice between a loan of $ with a compensating balance of $ and a loan of $ without a compensating balance. The interest rate on the $ loan is percent.
How low would the interest rate on the loan with the compensating balance have to be for you to choose itDo not round intermediate calculations. Round your final answer to decimal places.
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