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You would like to borrow 57,463 dollars for 1 year, Interest compounds annually, but it is pre-paid. You are quoted an interest rate of 13%

You would like to borrow 57,463 dollars for 1 year, Interest compounds annually, but it is pre-paid.
You are quoted an interest rate of 13%
There is also a compensating balance of 4% associated with the loan.
What is the effective interest rate of the loan to the nearest .1%(note if you calculate .065 or 6.5%, your answer should be "6.5"

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