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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 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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