Question: I need problem solving stpes for this answer, thank you ! Assume that you plan to borrow a loan for six months with a 12%

I need problem solving stpes for this answer, thank you !

Assume that you plan to borrow a loan for six months with a 12% annual interest rate and a 20% compensating balance requirement. This loan calls for interest to be paid at the end of the loan period. What is the Effective Annual Rate (EAR) of this loan? * O 15.56% O 14.98% O 13.76% 16.18%

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