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You've just taken out a loan for $75,000. The stated (simple) interest rate on this loan is 10 percent, and the bank requires you to maintain a compensating balance equal to 15 percent of the initial face amount of the loan. You currently have $20,000 in your checking account, and you plan to maintain this balance. The loan is an add-on installment loan which you will repay in 12 equal monthly installments, beginning at the end of the first month.
Refer to Scenario 22-1. What is the nominal annual add-on interest rate on this loan?
1. 10.00%
2. 24.00%
3. 16.47%
4. 20.00%
What is the nominal annual add-on interest rate on this loan?
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A company office supplies account shows a beginning balance of $600 and an anding balance of $400. if office supplies expense of the year is $3,100, what amount of office supplies was purchased during the period?
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uppose caterpillar inc. has 665 million shares outstanding with a share price of 74.77 and 25 billion in debt. if in
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