Brown Bear Inc. requires $270,000 in short-term credit and is currently arranging a loan with...
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Brown Bear Inc. requires $270,000 in short-term credit and is currently arranging a loan with its bank. Brown Bear plans to use the funds for 6 months, the annual rate on the loan is 12 percent, and the bank will require a 10 percent compensating balance. If Brown Bear must have loan proceeds of $270,000, then it must borrow how much?
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