Kantorovich Company normally takes 30 days to pay for its average daily credit purchases of $2,000. It has average daily sales of
$3,000, and collects accounts in 25 days. What is its net credit position?
A) $15,000
B) $1,000
C) ($1,000)
D) ($15,000)
(A) $15,000
B) $1,000
C($1,000)
D ($15,000)
Question 10
1 Point
If Analog Computers can borrow at 29% annually for three years, what is the effective rate of interest on a $1,000,000 loan where a
5% compensating balance is required?
A 11.18%
B) 17.27%
C 9.41%
D 24%