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Question 14 Calculate the annual effective cost of a $18,985 loan with an APR of 5.12%, compounded annually, with a compensating balance requirement of 17%

Question 14

  1. Calculate the annual effective cost of a $18,985 loan with an APR of 5.12%, compounded annually, with a compensating balance requirement of 17%

    NOTE: Answer in percentages. If your answer is 0.0204, you must answer 2.04. Do not use the "%" sign.

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