Imagine that you are at a bank, ready to open your first bank account.
Which actions should you have already taken? Check all that apply.
o
decided what kind of account I want
O
0
brought along my Social Security card
compared the services that different banks offer, and learned what they charge for them

Carey company is borrowing $225,000 for one year at 9.5 percent from second intrastate bank. the bank requires a 15 percent compensating balance. the principal refers to funds the firm can effectively utilize (amount borrowed − compensating balance). a. what is the effective rate of interest? (use a 360-day year. input your answer as a percent rounded to 2 decimal places.) b. what would the effective rate be if carey were required to make 12 equal monthly payments to retire the loan?