Homework Help: economics

Posted by Therese on Friday, October 29, 2010 at 3:29pm.

An automobile company, NISSAN, has a temporary cash surplus and lends its funds overnight through a repurchase agreement to a government securities dealer, earning $55,600 in interest income when the RP loan rate stood at 5.70 percent. What was the size of the loan that NISSAN granted to the securities dealer?

What is the formula to figure this out?

Thank you so much.

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