Maxim air filters inc plans to borrow 226000 for one year
Maxim Air Filters Inc. plans to borrow $226,000 for one year. Northeast National Bank will lend the money at 17 percent interest and requires a compensating balance of 29 percent. What is the effective rate of interest?
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maxim air filters inc plans to borrow 226000 for one year northeast national bank will lend the money at 17 percent
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