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Compute the effective rate of interest on loan

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Reference no: EM132419113

Problem: The treasurer for the Detroit Tigers baseball team is seeking a $20,000 loan for one year from PNC Financial Services. The stated interest rate is 10 percent, and there is a 15 percent compensating balance requirement. The treasurer always keeps a minimum of $1,500 in the baseball team's checking accounts. These funds count toward meeting any compensating balance requirements.

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Question: Compute the effective rate of interest on this loan.

Reference no: EM132419113

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