What is the ear of this loan for efrin

Reference no: EM132974560

Question: Efrin Corporation wants to borrow $500,000 for one month. It uses its inventory as collateral for a 16% (quarterly compounded APR) loan, under a warehouse arrangement where the warehouse fee is $15,000, paid at the end of the month. What is the EAR of this loan for Efrin?

Reference no: EM132974560

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