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JP Morgan has offered to lend Toyota $ 5 0 M for one year at 6 . 8 % . They require a 2 4

JP Morgan has offered to lend Toyota

50 M

for one year at

6.8 % .

They require

24 %

compensating balance. What is

the effective interest rate?

(

Enter the

answer as a percentage with

1

decimal.

)

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