Effective interest rate per year

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A company has a limit of NOK 1,000,000 on its overdraft facility. Interest is charged to the overdraft account every quarter. They pay 6% interest p.a. and 0.15% commission each quarter. What will be the effective interest rate per year if the average deduction is 70%? Enter the percentage answer with two decimals.

Reference no: EM132999406

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