A pawnshop will lend $6,000 for 45 days at a cost of $35 interest. What is the effective rate of interest? (Use a 360-day year. Do not round Intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) > Answer is complete but not entirely correct. Effective rate of interest 0.68 % Maxim Air Filters Inc plans to borrow $285,000 for one year. Northeast National Bank will lend the money at 11 percent interest and requires a compensating balance of 23 percent. What is the effective rate of interest? (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Electve rate of interest