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  • 17-05-2023
  • Business
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A company has a credit line of GHS 1,000,000 with a 10% compensating balance requirement. It urgently needs to borrow an amount of GHS250,000 for a 1 year at a rate of 15% per annum for an urgent transaction. a. How much does it need to borrow? and b. What is the effective interest rate on the amount borrowed?

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