Cost of bank loan Data Back$-$Up Systems has obtained a $$14,000,60-$day bank loan at an annual interest rate of $11\%,$ payable at maturity. $($Note: Assume a $365-$day year.$)$

a$.$ How much interest $($in dollars$)$ will the firm pay on the $60-$day loan?

b$.$ Find the $60-$day rate on the loan.

c$.$ Annualize your result in part b to find the effective annual rate for this loan, assuming that it is rolled over every $60$ days throughout the year under the same terms and circumstances.

a$.$ The amount of interest on the loan is $

$($Round to the nearest cent.$)$

b$.$ The effective $60-$day rate is

$\%.($Round to two decimal places.$)$

c$.$ The effective annual rate is

$\%.($Round to two decimal places.$)$