Compute slippy slides actual effective interest rate on loan

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Reference no: EM13943984

Assume Slippy Slides borrowed $17 million from West Side Bank and agreed to (a) pay an interest rate of 7.0% and (b) maintain a compensating balance amount equal to 5.1% of the loan. Determine Slippy Slides' actual effective interest rate on this loan.

Reference no: EM13943984

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