Maurice Tutor

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 5 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 21 Aug 2017 My Price 4.00

Costs of Borrowing

13.        Costs of Borrowing   You’ve worked out a line of credit arrangement that allows you to borrow up to $50 million at any time. The interest rate is .53 percent per month. In addition, 5 percent of the amount that you borrow must be deposited in a non-interest-bearing account. Assume that your bank uses compound interest on its line of credit loans.

a.   What is the effective annual interest rate on this lending arrangement?

b.   Suppose you need $15 million today and you repay it in six months. How much interest will you pay?

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Aug 2017 02:08 PM My Price 4.00

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