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Cost of Bank Loans rate. Do not round intermediate calculations. Round your answers to two decimal places. a . The nominal annual rate on the

Cost of Bank Loans rate. Do not round intermediate calculations. Round your answers to two decimal places.
a. The nominal annual rate on the loan was 11.75%. What is the true effective rate?
%
b. What would be the effective cost of the loan if the note required discount interest?
%
c. What would be the nominal annual interest rate on the loan if the bank did not require a compensating balance but required repayment in three equal monthly installments?
%
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