Assume that a bank receives a $10,000 deposit from a customer and lends it to another customer to buy a used car. The bank pays a straight 6% per year interest to the customer. The spread for one year is $300. What is the interest rate the bank is charging for the loan?
Correct Answer:
Verified
Q17: One result of competition among banks is
Q18: Which of the following statements about banks
Q19: The difference between what a bank pays
Q20: Issuing credit cards is a form of
Q21: A(n) _ asset is anything that can
Q23: A(n) _ is a cash obligation.
Q24: A(n) _ occurs when one or more
Q25: Regina's bank charges $1 for each ATM
Q26: A bank evaluates the _ of all
Q27: Revenue minus _ equals profit.
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents