Your firm needs $630 for one quarter to finance a deficit. Interest charges are 2% per quarter. Your bank requires a 10% compensating balance. How much must your firm borrow in order to obtain the needed

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asked Feb 4, 2021 174k views

2 votes

Your firm needs $630 for one quarter to finance a deficit. Interest charges are 2% per quarter. Your bank

requires a 10% compensating balance. How much must your firm borrow in order to obtain the needed funds?
$700.00
$705.00
O $693.00
$715.91

Mathematics
college

Max Semikin asked

by Max Semikin

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1 Answer

4 votes

The answer is $700

Hope this helps

LTME answered Feb 9, 2021

by LTME

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