Cost of bank loan Data Back-Up Systems has obtained a 510,000, 120-day bank loan at an annual interest rate of 12% payable at maturity (Note: Assume a 365-day year) a. How much interest in dollars) will the firm pay on the 120 day loan? b. Find the 120-day rate on the loan c. Annualize your result in part to find the effective annual rate for this loan, assuming that it is rolled over every 120 days throughout the year under the same terms and circumstances