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25 pt Question 15 A bank is offering Jon Davidson a $1 million, three-month, 12% annual rate, simple interest loan with a 15% compensating balance

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25 pt Question 15 A bank is offering Jon Davidson a $1 million, three-month, 12% annual rate, simple interest loan with a 15% compensating balance requirement. Interest is due at the end of the year. What is Jon's APR on the loan? Please click on the following link to access a blank Excel-type worksheet: Blank XLS Worksheet.xls Click to open: 14.12% 15.14% 16.12% 18.41%

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