Carey Company Is borrowing $150,000 for one year at 8.0 percent from Second Intrastate Bank. The bank requires a 15 percent compensating balance. The principal refers to funds the firm can utilize effectively (Amount borrowed Compensating balance). a. What Is the effective rate of Interest? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest % b. What would the effective rate be if Carey were requlred to make 12 equal monthly payments to retire the loan? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest