Ohlin, Meade, and Assoc

question 44

Essay

Ohlin, Meade, and Assoc. plans to borrow $1,500,000 for 12 months. Citibank gives the firm a stated rate of 10% interest.
What is the effective rate of interest if the loan carries a simple 10% interest with a 20% compensating balance?

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Definitions:

Last Refill Date

The most recent date on which a prescription medication was refilled for a patient, indicating when the medication was last obtained.

Directly with the Provider

Refers to interacting or communicating without intermediaries directly with healthcare professionals or service providers.

Caller's Full Name

The complete name of an individual making a phone call or request, often required for identification or record-keeping purposes.

Date of Birth

The specific day on which a person was born, including the day, month, and year.