Homework answers / question archive / XXX Supplies borrows £1 million at 10 percent, payable in one year

XXX Supplies borrows £1 million at 10 percent, payable in one year

Business

Share With

XXX Supplies borrows £1 million at 10 percent, payable in one year. If XXX is required to maintain a compensating balance of 15 percent, what is the effective percentage cost of its loan (in pounds)?