An oral contract for the sale of land is:

________ is a process to verify the real identity of an entity, which could be an individual, computer, computer program, or EC Web site

Fill in the blank(s) with correct word

Heintz Corporation wishes to borrow $83,000 at 11% interest from the local bank. However, the bank requires a compensating balance of 10%. The effective interest rate that Heintz Corporation will pay on the loan is which of the following?

A) 10.1% B) 12.2% C) 13.2% D) 16.4% E) 14.1%