Rachels has a 50 000 line of credit with uptown bank the, Financial Management

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Rachels has a 50 000 line of credit with uptown bank the

Question

Rachel's has a $50, 000 line of credit with Uptown Bank. The line of credit calls for an interest rate of 8 percent and a compensating balance of 4 percent.

The compensating balance is based on the total amount borrowed and will be held in an interest-free account. What is the effective annual interest rate if the firm borrows $35, 000 for one year?

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