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What is the annual interest rate

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Question - A corporation arranges for a $10 million line of credit. The corporation needs to have regular access to $6 million of this amount. The bank also requires a compensating balance of 10%. The all-in rate is 6% and the commitment fee is 0.30% on the unused portion of the line. What is the annual interest rate?

a. 7.59%

b. 6.67%

c. 6.83%

d. 6.89%

Reference no: EM132462864

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