DeAngelo Bank offers your firm a discount interest loan with an interest rate of 6 percent for up to $30 million, and in addition requires you to maintain a compensating balance of 4 percent against the amount borrowed. What is the effective annual interest rate on this lending arrangement? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

DeAngelo Bank offers your firm a discount interest loan with an interest rate of 6 percent for up to $30 million, and in addition requires you to maintain a compensating balance of 4 percent against the amount borrowed. What is the effective annual interest rate on this lending arrangement? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter7: Exponents And Exponential Functions

Section: Chapter Questions

Problem 68SGR

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Question

DeAngelo Bank offers your firm a discount interest loan with an interest rate of 6 percent for up to $30 million, and in addition requires you to maintain a compensating balance of 4 percent against the amount borrowed. What is the effective annual interest rate on this lending arrangement? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Expert Solution