Gorman jewels borrows 270000 at a 40 percent stated apr, Financial Management

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Gorman jewels borrows 270000 at a 40 percent stated apr

The Kellogg Bank requires borrowers to keep an 8 percent compensating balance. Gorman Jewels borrows $270,000 at a 4.0 percent stated APR. What is the effective interest rate on the loan? (Round intermediate calculations to 4 decimal places, e.g. 1.2541 and final answer to 2 decimal places, e.g. 12.25%.)

The effective interest rate on the loan is _________%

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