Revenue budget In the prior year, Grand Falls Bank (GFB) had $10,400,000 in business loans at an average interest rate percent as well as $8,320,000 in consumer loans with an average rate of 8 percent. GFB also has $1,950 invested in government securities that pay interest at an average rate of 2.5 percent. For the current year, GFB estimates that the volume of business loans will increase to $15,600,000, a interest rate will rise to 5 percent. It projects that consumer loans will be $10,400,000 and have an aver interest rate of 11 percent. The bank's government security investment will be $4,160,000 and will bear average interest rate of 4.5 percent. What is GFB's projected revenue for the current year? Projected revenue: $ 0

Revenue budget In the prior year, Grand Falls Bank (GFB) had $10,400,000 in business loans at an average interest rate percent as well as $8,320,000 in consumer loans with an average rate of 8 percent. GFB also has $1,950 invested in government securities that pay interest at an average rate of 2.5 percent. For the current year, GFB estimates that the volume of business loans will increase to $15,600,000, a interest rate will rise to 5 percent. It projects that consumer loans will be $10,400,000 and have an aver interest rate of 11 percent. The bank's government security investment will be $4,160,000 and will bear average interest rate of 4.5 percent. What is GFB's projected revenue for the current year? Projected revenue: $ 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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