Strata Services Has a Three Month $450,000 Line of Credit

question 82

Multiple Choice

Strata Services has a three month $450,000 line of credit at an APR of 8%.The loan has a loan origination fee of 1.5%.What is the actual three-month interest rate paid expressed as an EAR?

• A)9.8%
• B)9.5%
• C)14.75%
• D)8.24%
• E)15%

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