A. The York Company has arranged a line of credit that allows it to borrow...
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Finance
A. The York Company has arranged a line of credit that allows it to borrow up to $60 milion at any time. The interest rate is .636 percent per month. Additionally, the company must deposit 6 percent of the amount borrowed in a non-interest bearing account. The bank uses compound interest on its line-of-credit loans. What is the effective annual rate on this line of credit? Multiple Choice 6.77% 7.90% 9.34% 7.34% 8.41%
B. Denver's Designs had sales for the year of $678,500 and cost of goods sold equal to 64 percent of sales. The inventory at the beginning of the year was $121,300 and the end-of-year inventory was $137,000. What was the inventory turnover?
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