Assume Dans Drums borrowed $19 million from Need It Now Bank and agreed to (a) Pay an
Question:
(a) Pay an interest rate of 7.1%
(b) Maintain a compensating balance amount equal to 5.8% of the loan.
Determine Dan’s Drums actual effective interest rate on this loan.
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Related Book For 
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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