Question: A Moving to another question will save this response. Question Question 1 10 points What is the cost of an unsecured bank loan of $400,000

A Moving to another question will save this response. Question Question

A Moving to another question will save this response. Question Question 1 10 points What is the cost of an unsecured bank loan of $400,000 with a 16% compensating balance and interest rate of 9% per year borrowed for 180 days? The loan requires discounted interest. Assume a 360 day year. Submit your answer as a percentage and round to two decimal places (Ex. 0.00%)

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