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15. The Meng Corp. was recently quoted terms on a commercial bank loan of 7 percent discounted interest with a 20 percent compensating balance. The

15. The Meng Corp. was recently quoted terms on a commercial bank loan of 7 percent discounted interest with a 20 percent compensating balance. The term of the loan is one year. The effective cost of borrowing is (rounded to the nearest hundredth) a. 6.54% c. 9.41% b. 8.75% d. 9.59%

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