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Formal line of credit: Gibbs Ltd has just set up a formal line of credit of $1 million with First National Bank. The line of credit is good for up to five years. The bank will be charging them an interest rate of 6.25 per cent on the loan, and in addition the company will pay an annual fee of 50 basis points on the unused balance. The company borrowed $600,000 on the first day the credit line became available. What is the company's effective interest rate on this line of credit?
Internet During Class
The use of the internet by students for non-educational purposes during class times, which can be a distraction and hinder learning.
Research Results
The findings or outcomes derived from systematic investigation aimed at discovering new knowledge or understanding.
Taking Notes
The act of writing down important information from a verbal instruction, lecture, or reading material for future reference.
Long-term Storage
The process and capability of retaining information in the brain or a digital device for extended periods of time.
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