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This company plans to borrow $150,000 for one year. NJ Bank will lend the money at 9%and requires a compensating balance of 20%, the loan

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This company plans to borrow $150,000 for one year. NJ Bank will lend the money at 9%and requires a compensating balance of 20%, the loan is for one year and it is a discount loan. Calculate the interest rate on this loan. (2 points)

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