Veronica plans to open a checking account with her $1 comma 200 tax refund check. she believes she can maintain a $500 minimum balance. also, she estimates that she will write 14 checks per month and will use other banks' atms as many as 18 times per month. which bank should veronica choose.

Carey company is borrowing $225,000 for one year at 9.5 percent from second intrastate bank. the bank requires a 15 percent compensating balance. the principal refers to funds the firm can effectively utilize (amount borrowed − compensating balance). a. what is the effective rate of interest? (use a 360-day year. input your answer as a percent rounded to 2 decimal places.) b. what would the effective rate be if carey were required to make 12 equal monthly payments to retire the loan?