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Your company plans to borrow $ 1 0 million for 1 2 months, and your banker gives you a stated rate of 2 3 percent

Your company plans to borrow $10 million for 12 months, and your banker gives you a stated rate of 23 percent interest.
Calculate the effective rate of interest for the following types of loans.
Simple 23 percent interest with a compensating balance of 20 percent.
Note: Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.
Discounted interest (with no compensating balance).
Note: Input your answer as percent rounded to 2 decimal places.
An installment loan (12 payments).
Note: Input your answer as percent rounded to 2 decimal places.
Discounted interest with a compensating balance of 10 percent.
Note: Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.

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