Examlex

Solved

Your Firm Has a Line of Credit with Your Local

question 43

Multiple Choice

Your firm has a line of credit with your local bank for $50,000.The loan agreement calls for interest of 9% with a 5% compensating balance requirement that is based on the total amount borrowed.What is the effective interest rate if you need $42,750 for one year to cover your operating expenses?


Definitions:

Pragmatics

A subfield of linguistics focused on the ways in which context contributes to meaning, examining how language usage varies across different social situations.

Formal Code

A set of rules or standards that are structured and explicitly stated, often used in contexts such as language, programming, or law.

Spanish-As-A-Second-Language

The study or use of the Spanish language by individuals who have a different native language.

ESL Program

An educational program designed to help individuals who are non-native speakers of English improve their language skills.

Related Questions