Question 16 Covidfree Corp. has a credit line of P1,500,000. The bank requires compensating balance of 15% on outstanding loan and 10% on unused loan. The corporation borrows P1,200,000 at 20% interest. What is the effective interest rate ? 20% 21% 23.5%

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A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

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