Word: borrowings
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...central bank moved swiftly to counter the expansion in the money supply. On Monday it raised its discount rate from 13% to a record 14%. Banks that borrow from the central bank to meet their own reserve requirements will now have to pay that rate, plus a 4% penalty if they borrow too frequently, bringing the total cost of funds to some banks to 18%. At the same time, the central bank allowed the federal funds rate, the interest charged by banks on overnight loans to each other, to rise above 20%. The hoped-for result of last week...
...people actually borrow at prime. Loans to small, well-financed businesses, for instance, usually run from half a percentage point to three points above prime. Consumers who borrow to finance a vacation or pay taxes may pay three to five points more. Loans like those made to new-car buyers can be well above prime. On the other hand, interest on home mortgages, which now averages 16%, trails behind because such loans are issued for 20 to 30 years...
...mayor has refused to sign the council's bill because the city "cannot deal with the schools in isolation," Richard Johnston, special counsel for the city, said after yesterday's hearings. He added that the mayor wants greater control over school spending and the council's authorization to borrow money for both the school deficit and property tax abatements. The mayor's latest counterproposal asks for a $45 million bond issue...
Three girls who left their junior high school early to go to the game borrow binoculars from people sitting near them and peruse the White Sox bullpen. One of them chortles, "Oh Lamarr Hoyt, he's the one I like." And then a moment later, "Ugh! He just spit. That's so disgusting...
...education expenses." Its goal: to tighten standards of loan eligibility and require larger family contributions to college costs. Under present law, any student can obtain an annual loan of up to $2,500 for four undergraduate years (plus $5,000 for a year of grad school). Parents can borrow an additional $3,000 to help foot college bills that at schools like Harvard, M.I.T. and Stanford next fall will exceed $10,000 per annum. Currently the Government not only guarantees repayment, it pays banks the difference between the 9% interest paid by students and the going commercial rate (now about...