2. A company obtained a short-term bank loan of $250,000 at an annual interest rate of 69%. As a condition of the loan, the company is required to maintain a compensating balance of $50,000 in its checking account. The company's checking account earns interest at an annual rate of 236. Ordinarily the company maintains a balance of $25,000 in its checking account for transaction purposes. What is the effective interest rate of the loan? 3. 6.446 b. 7.11% C. 5.809% 0. 6.65%