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Intro You're offered a committed line of credit for $1,000,000 with an EAR of 10%. You borrow $800,000 at the beginning of the year and

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Intro You're offered a committed line of credit for $1,000,000 with an EAR of 10%. You borrow $800,000 at the beginning of the year and pay it all back at the end. The loan has a commitment fee of 0.5% (EAR) charged on the unused portion of the line of credit. - Attempt 1/6 for 10 pts. Part 1 What is the effective annual rate of the loan? 3+ decimals Submit

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