Effective interest rate: The Clarkson Designer Company management wants to borrow $750,000. The bank will provide the

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Effective interest rate: The Clarkson Designer Company management wants to borrow $750,000. The bank will provide the loan at an APR of 6.875. Since the loan calls for a compensating balance, the effective interest rate is actually 9.25 percent. What is the compensating balance on this loan?

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