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Countrybank offers one-year loans with a stated rate of 13 percent but requires a compensating balance of 7 percent. What is the true cost of

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Countrybank offers one-year loans with a stated rate of 13 percent but requires a compensating balance of 7 percent. What is the true cost of this loan to the borrower? (Round your answer to 2 decimal places, (e.g., 32.16))

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