Business, 25.02.2022 19:30 richlovedarkwa5
The York Company has arranged a line of credit that allows it to borrow up to $42 milion at any time. The interest rate is .618 percent per month. Additionally, the company must deposit 4 percent of the amount borrowed in a non-interest bearing account. The bank uses compound interest on its line-of-credit loans. What is the effective annual rate on this line of credit
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The York Company has arranged a line of credit that allows it to borrow up to $42 milion at any time...
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