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The Baker Corporation borrowed $2.5 million from Suburban National Bank. The loan was made at a simple annual interest rate of 9% a year for

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The Baker Corporation borrowed $2.5 million from Suburban National Bank. The loan was made at a simple annual interest rate of 9% a year for 6 months. A 20% compensation balance requirement raised the effective interest rate. The nominal annual rate on the loan was 12.00%. What is the true effective rate

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