Business, 07.11.2019 22:31 toottoot42169

The boyles ceramics, inc. established a line of credit with a local bank. the maximum amount that can be borrowed under the terms of the agreement is $1,000,000 at an annual rate of 8 percent. a compensating balance averaging 25 percent of the amount borrowed is required. prior to the agreement, boyles had no deposit with the bank. shortly after signing the agreement, boyles needed $240,000 to pay off a note that was due. boyles decides to borrow an amount sufficient to pay the $240,000 note and also to cover the compensating balance. how much must boyles glass borrow?

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The boyles ceramics, inc. established a line of credit with a local bank. the maximum amount that ca...

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