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QUESTION 10 Speyer Delivery, Inc., wishes to borrow $70,000 at 12% interest from the local bank. However, the bank requires a compensating balance of 9%.

QUESTION 10

Speyer Delivery, Inc., wishes to borrow $70,000 at 12% interest from the local bank. However, the bank requires a compensating balance of 9%. The effective interest rate that Speyer Delivery, Inc., will pay on the loan is which of the following?

13.2%

21.0%

11.0%

10.1%

16.4%

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