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The treasurer of Brandon Blue Sox is seeking a $24.000 ban for 180 days from the Brandon Credit Union. The stated intereat rate is 10
The treasurer of Brandon Blue Sox is seeking a $24.000 ban for 180 days from the Brandon Credit Union. The stated intereat rate is 10 percent and there is a 15 percent compensating balance requirement. The treasure always keeps a minimum of $1.900 in the Gime's chequing account. These funds could count toward meeting any compensating balance requitements. What is the annuat rate of interest on this loan? (Use 305 doys in a year. Do not round intermediste calculations. Round the final answer to 2 decimal places.) Annual rate of interest
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