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Calculate the effective interest rate on the loan

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Question - Riordan Manufacturing has taken out an $80,000 short-term bank loan that has a 10% interest rate. The loan requires that Riordan maintain a compensating balance of 15% of the amount borrowed. Calculate the effective interest rate on the loan.

A) 10.0%

B) 11.2%

C) 11.8%

D) 12.4%

Reference no: EM132823690

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