Business, 06.12.2019 20:31 jay1041

The lodge borrowed $2,000,000 for five years at an annual interest rate of 9% from the merchant bank, which required a $100,000 compensating balance. what was the effective interest rate for the loan? (rounded to the nearest tenth of one percent)

a) 9.0%
b)9.5%
c)10.0%
d)10.5%

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The lodge borrowed $2,000,000 for five years at an annual interest rate of 9% from the merchant bank...

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