Heintz Corporation wishes to borrow $83,000 at 11% interest from the local bank. However, the bank requires a compensating balance of 10%. The effective interest rate that Heintz Corporation will pay on the loan is which of the following?
A) 10.1%
B) 12.2%
C) 13.2%
D) 16.4%
E) 14.1%
B
Business
You might also like to view...
Statewide Sales, Inc. has gross pay for March of $45,000. Which of the following is included in the journal entry to record salaries expense?
A) credit Salaries and Wages Expense B) debit Cash C) debit Salaries and Wages Payable D) debit Salaries and Wages Expense
Business
What are the four attributes that are discussed in Porter's diamond?
What will be an ideal response?
Business