How much additional debt can the city carry

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Assignment:

The City of Hays currently pays $7,234,352 in debt service annually with annual revenues totalling $67,989,983. If the City's benchmark debt ratio is 15%, can the City issue more debt? Why? If so, how much additional debt can the City carry? Assume an annual interest rate of 6 per cent and a twenty-five-year maturity for the debt.

Reference no: EM133271689

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