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Business, 21.12.2019 00:31 zariahirons44

On january 1, 2017, lynn company borrows $3,000,000 from national bank at 11% annual interest. in addition, lynn is required to keep a compensatory balance of $300,000 on deposit at national bank which will earn interest at 5%. the effective interest that lynn pays on its $3,000,000 loan is a. 10.0%. b. 11.0%. c. 11.5%. d. 11.6%.

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On january 1, 2017, lynn company borrows $3,000,000 from national bank at 11% annual interest. in ad...

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