What is the cost of an unsecured bank loan of $400,000 with a 12% compensating...
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What is the cost of an unsecured bank loan of $400,000 with a 12% compensating balance and interest rate of 7% 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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