Company soony acquires short-term financing from 90-day, Ask an Expert

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Company Soony acquires short-term financing from 90-day notes payable with a principal of $100,000 and a nominal interest rate of 4%. It will roll these notes over (re-issue) new 90-day notes payable over the course of the year. Calculate the effective interest rate for Company Soony’s short-term capital.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91794843

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