8) The treasurer for the Macon Blue Sox baseball team is seeking a $25,400 loan for one year from the 4th National Bank of Macon. The stated interest rate is 12 percent, and there is a 18 percent compensating balance requirement. The treasurer always keeps a minimum of $1,940 in the baseball teams checking accounts. These funds count toward meeting any compensating balance requirements.

What will bethe effective rate of interest on this loan?(Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)

Effective rate of interest= %

9) Mr. Hugh Warner is a very cautious businessman. His supplier offers trade credit terms of 3/18, net 70. Mr. Warner never takes the discount offered, but he pays his suppliers in 60 days rather than the 70 days allowed so he is sure the payments are never late.

What is Mr. Warner's cost of not taking the cash discount?(Use a 360-day year.Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)

Cost of not taking a cash discount= %