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Business, 13.06.2020 00:57 hughesnatalia2003

Carey Company is borrowing $350,000 for one year at 15.5 percent from Second Intrastate Bank. The bank requires a 15 percent compensating balance. The principal refers to funds the firm can utilize effectively (Amount borrowed − Compensating balance). a. What is the effective rate of interest? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)

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Carey Company is borrowing $350,000 for one year at 15.5 percent from Second Intrastate Bank. The ba...
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