$250,000 for one year at 13.5 percent from Second Intrastate Bank. The bank requires a 20 percent compensating balance. The principal Carey Company is borrowing firm can effectively utilize (Amount borrowed - Compensating balance) a. What is the effective rate of interest? (Use a 360-day year, I Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest 16881 Carey were required to make 12 equal monthly payments to retire the loan? (Use a 360-day year. Input your answer asa percent rounded to 2 decimal places.) Effective rate of interest