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#15 Petir Bank has awarded Pelangi Berhad a loan of RM500,000. The interest rate was charged at a rate of 12 percent. The facility will
#15 Petir Bank has awarded Pelangi Berhad a loan of RM500,000. The interest rate was charged at a rate of 12 percent. The facility will be available for seven months. If the loan agreement requires a 15 percent compensating balance, compute the effective interest rate of the loan. Answer O 11.5 percent 13.5 percent 12 percent o 14.12 percent
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