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What is the effective interest rate

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You need to borrow money to purchase Holiday inventory. You have a $300,000 line of credit with a 12% compensating balance requirement. The quoted interest rate is 7.5% annually. You need to borrow $200,000 for inventory which you will pay back in exactly one year. How much money do you need to borrow? What is the effective interest rate?

Reference no: EM132477992

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