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sleet_krkn [62]
3 years ago
9

​(Related to Checkpoint​ 18.2) ​(Estimating the cost of bank​ credit) Paymaster Enterprises has arranged to finance its seasonal

​ working-capital needs with a​ short-term bank loan. The loan will carry a rate of 13 percent per annum with interest paid in advance​ (discounted). In​ addition, Paymaster must maintain a minimum demand deposit with the bank of 10 percent of the loan balance throughout the term of the loan. If Paymaster plans to borrow ​$90 comma 000 for a period of 2 ​months, what is the annualized cost of the bank​ loan?

Business
1 answer:
CaHeK987 [17]3 years ago
7 0

Answer:

answer for the question:

​(Related to Checkpoint​ 18.2) ​(Estimating the cost of bank​ credit) Paymaster Enterprises has arranged to finance its seasonal​ working-capital needs with a​ short-term bank loan. The loan will carry a rate of 13 percent per annum with interest paid in advance​ (discounted). In​ addition, Paymaster must maintain a minimum demand deposit with the bank of 10 percent of the loan balance throughout the term of the loan. If Paymaster plans to borrow ​$90 comma 000 for a period of 2 ​months, what is the annualized cost of the bank​ loan?

is given in the attachment.

Explanation:

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