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Medtronic has arranged a line of credit that allows it to borrow up to $42...

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Finance

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Medtronic has arranged a line of credit that allows it to borrow up to $42 milion at any time. The interest rate is .618 percent per month. Additional Medtronic must deposit 4 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? 2:16 Multiple Choice 1 0 7.99% 07.06% 0 6.44% 0 7.67% MAY 7.99% 7.06% 6.44% 7.67% 8.88%

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