Calculate the annualized cost of the loan

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Reference no: EM132029264

The CFO of a Canadian trucking firm obtains the following quote by telephone from a U.S. banker for a 120- day loan: LIBOR +60 basis points for USD 5 million. The reference LIBOR rate is at 2.7 percent on the day of the offer.

Calculate the (effective) annualized cost of the loan. Format x.xx%

Reference no: EM132029264

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