Carey Company ib borroweng 5450,000 for one year at 175 percent from Second intrastate Bank: The bank tequiles a 25 petecent 6. What is the effective rate of interest? (Uke a 360 -doy year, input your answer as a percent rounded to 2 decintel piaces.) b. What would the effective rate be if Carey were fequired to make 12 equal monthly payenenti to retire the loan? (Use a 360 day year. Input your answer as a percent rounded to 2 decimal places.)