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Brilliant_brown [7]
3 years ago
11

You've worked out a line of credit arrangement that allows you to borrow up to $40 million at any time. the interest rate is .56

percent per month. in addition, 4 percent of the amount that you borrow must be deposited in a noninterest-bearing account. assume that your bank uses compound interest on its line of credit loans.
a. what is the effective annual interest rate on this lending arrangement? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) annual interest rate 7.23 %
b. suppose you need $20 million today and you repay it in 6 months. how much interest will you pay?
Business
2 answers:
dangina [55]3 years ago
8 0
My credit was recently improved by keinetcybertechnologies AT gmail . com to 820 . A friend referred them to me and now I am able to get a loan   
PilotLPTM [1.2K]3 years ago
7 0

945 is how much youd pay

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