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The York Company has arranged a line of credit that allows it to borrow up to $58 milion at any time. The interest rate
Posted: Fri Jul 01, 2022 7:51 am
by answerhappygod
- The York Company Has Arranged A Line Of Credit That Allows It To Borrow Up To 58 Milion At Any Time The Interest Rate 1 (36.74 KiB) Viewed 30 times
The York
Company has arranged a line of credit that allows it to borrow up to $58 milion at any time. The interest rate is .634 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? Multiple Choice O O O O 9.12% 6.60% 7.88% 8.21%