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Linda_us, Finance, Accounts & Homework Tutor
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Western Financial made a $150,000, 5-year discount loan at

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Western Financial made a $150,000, 5-year discount loan at 8%
interest, requiring a compensating balance equal to 20% of the face value of the loan.
Determine the effective annual rate associated with this loan.
(Note: Assume that the firm currently maintains $0 on deposit in the financial institution.)
Thanks for requesting me. I am working on this.

I the mean time request you to please revist the previous thread as I have posted revised solution.

Here is the link to previous post.

Sorry for the trouble. Found the mistake as I was reviewing the solution.
Customer: replied 4 years ago.

Thank you, XXXXX XXXXX the understanding now. I just need to slow down.



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