Assume That a Bank Receives a $10,000 Deposit from a Customer

question 48

Short Answer

Assume that a bank receives a $10,000 deposit from a customer and lends it to another customer to buy a used car. The bank pays a straight 6% per year interest to the customer. The spread for one year is $300. What is the interest rate the bank is charging for the loan?

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Equality

The state of being equal, especially in status, rights, or opportunities.

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