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Your company plans to borrow $12 million for 12 months

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Question

Your company plans to borrow $12 million for 12 months, and your banker gives you a stated rate of 15 percent

interest.  

Calculate the effective rate of interest for the following types of loans

D-Discounted interest with a compensating balance of 6 percent. (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)

 
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