The Treasurer For The Macon Blue Sox Baseball Team Is Seeking A $23,600 Loan For One Year From The 4th National Bank Of Macon. The Stated Interest Rate Is 10 Percent, And There Is A 15 Percent Compensating Balance Requirement. The Treasurer Always Keeps A Minimum Of $2,280 In The Baseball Team’s Checking Accounts. These Funds Count Toward Meeting Any Compensating Balance Requirements. What Will Be The Effective Rate Of Interest On This Loan? (Use A 360-day Year. Input Your Answer As A Percent Rounded To 2 Decimal Places.)

The treasurer for the Macon Blue Sox baseball team is seeking a $23,600 loan for one year from the 4th National Bank of Macon. The stated interest rate is 10 percent, and there is a 15 percent compensating balance requirement. The treasurer always keeps a minimum of $2,280 in the baseball team’s checking accounts. These funds count toward meeting any compensating balance requirements. What will be the effective rate of interest on this loan? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)

- October 5, 2022 - Edwin Tunner

The treasurer for the Macon Blue Sox baseball team is seeking a $23,600 loan for one year from the 4th National Bank of Macon. The stated interest rate is 10 percent, and there is a 15 percent compensating balance requirement. The treasurer always keeps a minimum of $2,280 in the baseball team’s checking accounts. These funds count toward meeting any compensating balance requirements.

What will be the effective rate of interest on this loan? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)

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