- The York Company Has Arranged A Line Of Credit That Allows It To Borrow Up To 50 Milion At Any Time The Interest Rate 1 (10.51 KiB) Viewed 42 times
O O O O O 9.00% 7.78% 7.15% 6.52% 8.10%
The York Company has arranged a line of credit that allows it to borrow up to $50 milion at any time. The interest rate
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The York Company has arranged a line of credit that allows it to borrow up to $50 milion at any time. The interest rate
The York Company has arranged a line of credit that allows it to borrow up to $50 milion at any time. The interest rate is .626 percent per month. Additionally, the company must deposit 4 percent of the amount borrowed in a non-interest bearing account. The bank uses compound interest on its line-of-credit loans. What is the effective annual rate on this line of credit?
O O O O O 9.00% 7.78% 7.15% 6.52% 8.10%
O O O O O 9.00% 7.78% 7.15% 6.52% 8.10%