1. If you borrow $15,000 at $1000 interest for one year, what is your effective interest cost for the following payment plans?,a. Annual payment,b. Semi-annual payment,c. Quarterly payment,d. Monthly payment,2. Use the statement below to solve Problems 3 and 4.,,Ohlin, Meade, and Assoc. plans to borrow $1.5 million for 12 months. Citibank gives the firm a stated rate of 10 percent interest.,,A. What is the effective rate of interest if the loan carries a simple 10 percent interest with a 20 percent compensating balance?,,B. What is the effective rate of interest if the above loan is an installment loan with 12 payments? ,,C. What the is the effective rate of interest if the bank uses a discounted loan (the 10% is deducted up front)?,D.What is the effective rate of interest if the loan is a discounted loan with a 10% percent compensating balance?,,
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