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What is the annual rate of interest on this loan

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Question - The treasurer of Brandon Blue Sox is seeking a $29,000 loan for 180 days from the Brandon Credit Union. The stated interest rate is 12 percent and there is a 20 percent compensating balance requirement. The treasurer always keeps a minimum of $2,400 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?

Reference no: EM132503889

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