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Calculate the annual effective cost of a $20,501 loan with an APR of 4.8196, compounded annually, with a compensating balance requirement of 12% NOTE: Answer

Calculate the annual effective cost of a $20,501 loan with an APR of 4.8196, compounded annually, with a compensating balance requirement of 12% NOTE: Answer in percentages. If your answer is 0.0204, you must answer 2.04. Do not use the "%" sign

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