What is the effective interest rate on the
Morgan Contractors borrowed $2.70 million at an APR of 7.0 percent. The loan called for a compensating balance of 11 percent. What is the effective interest rate on the loan?
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morgan contractors borrowed 270 million at an apr of 70 percent the loan called for a compensating balance of 11
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please show formulas and calculations and not just results and numbers and explain rationale for answers whenever
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