Apple Landscaping has a formal line of credit of $630,000 with First Commerce Bank. The interest rate on the loan is 7 percent, and under the agreement Windsor Skies must pay an annual fee of 76 basis points on the unused amount. The amount currently outstanding on the loan is $345,000. What is the annual fee the company must pay on the current unused balance? What is the effective interest rate?

Annual Fee: $

Effective Interest Rate: %