Your company plans to borrow $13 million for 12 months, and your banker gives you a stated rate of 24 percent interest.

calculate the effective rate of interest for the following types of loans.

a.
simple 24 percent interest with a compensating balance of 10 percent. (use a 360-day year. input your answer as a percent rounded to 2 decimal places.)

effective rate of interest %

b.
discounted interest (with no compensating balance). (input your answer as a percent rounded to 2 decimal places.)

effective rate of interest %

c.
an installment loan (12 payments). (input your answer as a percent rounded to 2 decimal places.)

effective rate of interest %

d.
discounted interest with a compensating balance of 5 percent. (use a 360-day year. input your answer as a percent rounded to 2 decimal places.)

effective rate of interest %

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