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i need answer for this The treasurer of Brandon Blue Sox is seeking a $28,000 loan for 180 days from the Brandon Crecdit Union. The
i need answer for this
The treasurer of Brandon Blue Sox is seeking a $28,000 loan for 180 days from the Brandon Crecdit Union. The stated interiest iste in 10 percent and there is a 15 percent compensating balance requirement. The treasurer always kneps a minimum of 52.300 in chequing account. These funds could count toward meeting any compensating balance requirements. What is the annual rate of interest on this loan? (Hint: If the interest rate is 10 percent per year and youre homowing then norey far kess than a year, then the interest cost is a portion of 10 percent times $28,000 ) (Use 365 doys in a year. Do not round intamimedias calculations. Round the final answer to 2 decimal pleces.) Annual rate of interest Step by Step Solution
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