Business, 26.11.2019 06:31 SMURFETTE86
Your company plans to borrow $13 million for 12 months, and your banker gives you a stated rate of 24 percent interest.
calculate the effective rate of interest for the following types of loans.
a.
simple 24 percent interest with a compensating balance of 10 percent. (use a 360-day year. input your answer as a percent rounded to 2 decimal places.)
effective rate of interest %
b.
discounted interest (with no compensating balance). (input your answer as a percent rounded to 2 decimal places.)
effective rate of interest %
c.
an installment loan (12 payments). (input your answer as a percent rounded to 2 decimal places.)
effective rate of interest %
d.
discounted interest with a compensating balance of 5 percent. (use a 360-day year. input your answer as a percent rounded to 2 decimal places.)
effective rate of interest %
Answers: 3
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