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QUESTION
it worthwhile to incur a compensating balance of $21,000 in order to get a 1 percent lower interest rate on a 1 year, pure discount loan of $280,000?...
What interest rate would make it worthwhile to incur a compensating balance of $21,000 in order to get a 1 percent lower interest rate on a 1 year, pure discount loan of $280,000? What is the interest rate %?
