Review of Rural Telephone Bank's 1994 Loan Interest Rate Calculation

AIMD-95-29: Published: Nov 18, 1994. Publicly Released: Nov 18, 1994.

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Pursuant to a legislative requirement, GAO reviewed the accuracy of the Rural Telephone Bank's interest rate determinations, focusing on the interest rate: (1) charged to borrowers during fiscal year (FY) 1994; and (2) for advances from the liquidating and financing accounts.

GAO found that the RTB interest rate: (1) for loans prior to FY 1992 was 6.15 percent; (2) for loans approved during or after FY 1992 was 6.40 percent; and (3) determinations for FY 1994 were in accordance with the requirements of section 1411(c) of the Omnibus Budget Reconciliation Act of 1987 and 7 CFR Part 1610.

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