Assume that the amount that you have to actually borrow for your ski and bike rental business mentioned in the previous question is $18,000. If it is still a one year loan and the bank will charge 4% discount interest and require a 10% compensating balance, then determine the effective annual interest rate that the bank is charging.
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Home » Business » Assume that the amount that you have to actually borrow for your ski and bike rental business mentioned in the previous question is $18,000.