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This is the nominal rate of interest. When there is a compensating balance the effective rate of interest is higher than the nominal rate of interest, so this answer is not possible. When there is a compensating balance not all of the loaned funds are available to the borrower. The bank retains the amount of the compensating balance. However, the interest is paid on the full amount of the loan. When we divide the interest paid for one year by the cash received from the loan, we get the effective annual interest rate.
This is the amount of the compensating balance requirement, not the effective annual interest rate. When there is a compensating balance not all of the loaned funds are available to the borrower. The bank retains the amount of the compensating balance. However, the interest is paid on the full amount of the loan. When we divide the interest paid for one year by the cash received from the loan, we get the effective annual interest rate.
When there is a compensating balance not all of the loaned funds are available to the borrower. The bank retains the amount of the compensating balance, in this case $9,900 ($110,000 × .09). This means that the borrower received only $100,100. However, the 12% interest is paid on the full $110,000 amount of the loan. This is $13,200 for one year. When we divide this by the cash received from the loan, we get the effective annual interest rate of 13.2%.
This is the annual nominal rate of interest (12%) plus the compensating balance requirement (9%), not the effective annual interest rate. When there is a compensating balance not all of the loaned funds are available to the borrower. The bank retains the amount of the compensating balance. However, the interest is paid on the full amount of the loan. When we divide the interest paid for one year by the cash received from the loan, we get the effective annual interest rate.