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What is the effective rate of interest balance

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Question - Bulldogs Inc. loaned a certain amount from a reputable bank for a term of one year at 8% quoted rate for a principal of P415,000. Out of the face value of the loan, only P375,000 can be used due to the provision of a compensating balance. What is the effective rate of interest and the compensating balance?

Reference no: EM133147341

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