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A bank makes a 5.6% $100,000 loan for one year. The loan requires that a compensating balance of 10% of the loan be put on

A bank makes a 5.6% $100,000 loan for one year. The loan requires that a compensating balance of 10% of the loan be put on deposit with the bank. What is the real effective interest rate (to 2 decimals) on the loan? Enter only numbers and decimal: Answer

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