Accounts receivable as collateral, cost of borrowing Maximum Bank has analyzed the accounts receivable of Scientific Software, Inc. The bank has chosen eight accounts totaling $180000 that it will accept as collateral. The bank's terms include a lending rate set at prime +2.5% and a 1.5% commission charge. The prime rate currently is 7%.

a. The maximum amount that the bank will lend to Scientific Software is $ enter your response here. (Round to the nearest dollar.) Part 2 b. If the firm borrows $120000 for 12 months, the effective annual rate is enter your response here%. (Round to two decimal places.) Part 3 If the firm borrows $120000 for only 6 months, the effective annual rate is enter your response here%. (Round to two decimal places.) Part 4 If the firm only borrows $120000 for 3 months, the effective annual rate is enter your response here%. (Round to two decimal places.)