The brooks company paid total interest of 3000 on its line

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The Brooks Company paid total interest of $3,000 on its line of credit borrowings for 274 days. Also, Brooks paid a $50.00 commitment fee and borrowed on average, $30,000 during the 9-month period. Of the $30,000 average borrowings, $6,000 remained in the bank as a compensating balance. What was the Brooks effective rate of interest?

Reference no: EM13621484

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