Question: On January 1 , 2 0 2 5 , Concord Company borrows $ 2 8 6 0 0 0 0 fron National Bank at 1

On January 1,2025, Concord Company borrows $2860000 fron National Bank at 10% annual interest. In addition, Concord is required to keep compensating balance of $240000 on deposit at National Bank which will earn interest at 4%. The effective interest that concord pays on its $2860000 loan is?

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