red ver You would like to borrow 53,710 dollars for 1 year. Interest compounds annually, but it is pre-paid. You are quo

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Red Ver You Would Like To Borrow 53 710 Dollars For 1 Year Interest Compounds Annually But It Is Pre Paid You Are Quo 1 (24.04 KiB) Viewed 36 times

red ver You would like to borrow 53,710 dollars for 1 year. Interest compounds annually, but it is pre-paid. You are quoted an interest rate of 12 %. There is also a compensating balance of 7 % 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" 9.68 14.81 margin of error +/-0.3 1. It's both interest pre-paid and compesating balance. 2. the answer is in % form, so a math answer of .021 should be entered as "2.1"