Cost of bank loan Data Back-Up Systems has obtained a $23,000,60-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