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The company required to maintain a 16% compensating balance in its checking account What is the effective interest rate on the loan? Assume the company

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The company required to maintain a 16% compensating balance in its checking account What is the effective interest rate on the loan? Assume the company would not normally maintain this average amount (Use 360 days in year-Round your answer to 2 decimal places) 14.55%. 11.55% 10.55% 1355%

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