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What is the firm effective annual rate of interest

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Jimmy is the CFO of Walker Enterprises, Inc. will be borrowing $800,000 for one year from the Living Well Bank. The bank will discount the loan and require a 15% compensating balance. WE, Inc. has been offered a nominal interest rate of 9.50%. What is the firm's effective annual rate of interest if Living Well Bank offers a monthly installment loan?

Reference no: EM132460559

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