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D is corrent. The requirement is to calculate the effective interest on the loan. The effective rate is calculated by dividing the interest amount by the outstanding balance less the compensating balance requirement. The annual interest amount is equal to $40,000 (8% × $500,000) and the compensating balance amount is equal to $100,000 (20% × $500,000). The effective interest rate is equal to 10% [$40,000 ÷ ($500,000 – $100,000)].
A is incorrect. This is higher than the effective interest rate. 
A is incorrect. This is higher than the effective interest rate. 
C is incorrect. This does not consider the cost of the compensating balance.