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Maxim Air Filters Inc. plans to borrow $300,000 for one year, Northeast National Bank will lend the money at 10 percent interest and requires a

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Maxim Air Filters Inc. plans to borrow $300,000 for one year, Northeast National Bank will lend the money at 10 percent interest and requires a compensating balance of 20 percent What is the annual rate of interest? (Use 365 days in a year. Round your answer to 2 decimal places) Annual rate of interest %6

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