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What is the brook annual effective rate of interest

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Question - The Brooks Company paid total interest of $3,000 on its line of credit borrowings for the year. Also, Brooks paid a $50 commitment fee and borrowed on average $30,000 for the year. Of the $30,000 average borrowings, $6,000 remained in the bank as a compensating balance. What is the Brook's annual effective rate of interest?

Reference no: EM133145653

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