The treasurer for the Macon Blue Sox baseball team is seeking a $21,300 loan for one year from the 4th National Bank of Macon. The stated interest rate is 15 percent, and there is a 24 percent compensating balance requirement. The treasurer always keeps a minimum of $2,010 in the baseball team's checking accounts. These funds count toward meeting any compensating balance requirements. What will be the effective rate of interest on this loan? Effective rate of interest The treasurer for the Macon Blue Sox baseball team is seeking a $21,300 loan for one year from the 4th National Bank of Macon. The stated interest rate is 15 percent, and there is a 24 percent compensating balance requirement. The treasurer always keeps a minimum of $2,010 in the baseball team's checking accounts. These funds count toward meeting any compensating balance requirements. What will be the effective rate of interest on this loan? Effective rate of interest