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A bank is offering Mike Haglin a $1 million, three-month, 14% annual rate, simple interest loan with a 15% compensating balance requirement. Interest is due

A bank is offering Mike Haglin a $1 million, three-month, 14% annual rate, simple interest loan with a 15% compensating balance requirement. Interest is due in three months. What is Mr. Haglin's APR on the loan? Please click on the following link to access a blank Excel-type worksheet: Click to open:

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