Business
Business, 07.04.2020 16:19, mcmccann4317

Your company plans to borrow $12 million for 12 months, and your banker gives you a stated rate of 21 percent interest. Calculate the effective rate of interest for the following types of loans. a. Simple 21 percent interest with a compensating balance of 12 percent. (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)

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Your company plans to borrow $12 million for 12 months, and your banker gives you a stated rate of 2...

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