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What is the annual rate of interest on loan

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The treasurer of Brandon Blue Sox is seeking a $40,000 loan for 180 days from the Brandon Credit Union. The stated interest rate is 10 percent and there is a 15 percent compensating balance requirement. The treasurer always keeps a minimum of $3,500 in the firm's chequing account. These funds could count toward meeting any compensating balance requirements.

What is the annual rate of interest on this loan? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Reference no: EM132491627

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