?Grant Technologies is planning to get a 210-day $300,000 simple interest loan from its bank with a quoted interest rate of 11 percent and a 20% compensating balance requirement. Assuming there are 360 days in a year and Grant currently holds no funds at the lending bank, what is the annual percentage rate (APR) of the loan? (Round your answer to two decimal places.)
A. 13.05%?
B. ?13.35%
C. ?12.85%
D. ?13.75%
E. ?12.55%
Answer: D
Business
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