Carey Company is borrowing $300,000 for one year at 11.0 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 I Carey were required to make 12 equnt monthly payments to retire the toon? (Use a 360-day your Input your answer as a percent rounded to 2 decimal places.) Eective rate of interest