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If chester lampwick borrows 14000 for three months at an

Question: If Chester Lampwick borrows $14,000 for three months at an annual interest rate of 16 percent paid up-front with a compensating balance of 10 percent, compute the effective annual interest rate of the loan. The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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