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JP Morgan has offered to lend Toyota $50M for one year at 6.6%. They require a 22% compensating balance. What is the effective interest rate?

JP Morgan has offered to lend Toyota $50M for one year at 6.6%. They require a 22% compensating balance. What is the effective interest rate? (Enter the answer as a percentage with 1 decimal.) Enter a response then click Suhmit below

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