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Carey Company is borrowing $225,000 for one year at 9.5 percent from Second Intrastate Bank. The bank requires a 15 percent compensating balance. The principal refers to funds the firm can effectively utilize (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.)
b. What would the effective rate be if Carey were required to make 12 equal monthly payments to retire the loan? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)
What is true about the modified agreement, and the amount owed to Edgar?
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Calculate the effective rate of interest in the 6th year.
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Which of the following statements is incorrect regarding high quality accounting information?
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