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only answers needed Determine the equivalent annual interest rate on the following independent financing options, rounding to two decimal places, for example: 9.23, and do
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Determine the equivalent annual interest rate on the following independent financing options, rounding to two decimal places, for example: 9.23, and do NOT include the percent sign: a) Obtaining a 60-day bank loan for $1,000 at a rate of 8% requiring a 10% compensating balance. EAR is b) Obtaining a $5,000 one-year bank loan with discounted interest at 7%. EAR is ho C) Obtaining a $5,000 one year bank loan with interest at 5%, and a lender's fee of $250 due at the end of the loan. EAR is d) Forgoing a discount available on trade credit with terms of 2/20, net 60. EAR isStep by Step Solution
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