The treasurer for the macon blue sox baseball team is, Ask an Expert

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The treasurer for the Macon Blue Sox baseball team is seeking a $29,400 loan for one year from the 4th National Bank of Macon.

The stated interest rate is 20 percent, and there is a 21 percent compensating balance requirement. The treasurer always keeps a minimum of $1,960 in the baseball team's checking accounts. These funds count toward meeting any compensating balance requirements.

What will be the effective rate of interest on this loan? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92869122

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