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Multiple Choice (1 point each) 21. Really Fast Computers needs to borrow $475,000 from the Midland Bank. The ba 15% com pensating balance. How much money will Really Fast need to borrow in with $475,000 spendable cash? A. $546,250 B. $758,264 C. $558,824 D. None of these options
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Answer #1

Net Amount Required = $475,000

Compensating Balance Required = 15%

It means 85% of the borrowed amount will be spendable cash

Amount required to be borrowed = $475,000/85%

= $558,824

i.e. C

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