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What is the effect annual interest rate

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Funland has a $60000 line of credit with 1st bank. The line of credit called for an interest rate of 7 percent and a compensating balance of 5 percent.The compensating balance is based is based on the total amount borrowed and will be held in an interest- free account. What is the effect annual interest rate if the firm borrows $38000 for one year?

Reference no: EM133073773

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