Compute the effective rate of intrest on this loan, Accounting Basics

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Compute the effective rate of intrest on this loan

Problem:

Your company is seeking a $20,000 loan for one year from a bank. The stated intrest rate is 10% and there is a 15% cpmpensating balance requirment. The company always keeps $1500 in the banks checking account. These funds count towards meeting the compensating balance.

Required: Compute the effective rate of intrest on this loan.

Note: Please show the work not just the answer.

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Accounting Basics: Compute the effective rate of intrest on this loan

Reference No:- TGS0892479

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Accounting Basics: Compute the effective rate of intrest on this loan

Reference No:- TGS0892479

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Compute the effective rate of intrest on this loan

Reference No:- TGS0892479

Recent Questions Asked Accounting Basics

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