Juno industrial Supplyes has a $45.000 one of credit with an interest rate of 74 percent and a compensating balance requirement of 275 percent. The compensating balance is based on the total amount borrowed with funds being held in an interest-free account What is the effective annual interest rote if the company requires $28.000 of borrowed funds for one year? Multiple Choice 761 percent 7.58 percent 7.64 percent 742 percent 751 percent