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Question
The Stant Shoe Company established a line of credit with a local bank. The maximum amount that can be borrowed under the terms of the agreement is $100,000 at an annual rate of 5%. A compensating balance of 10% of the amount borrowed is required. What is the largest amount of money Stant will actually be able to use from the line of credit?A) $90,909
B) $90,000
C) $111,111
D) $100,000
Answer
This answer is hidden. It contains 1 characters.
Related questions
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