Data Back-Up Systems has obtained a $31,000, 30-day bank loan at an annual interest rate of 16%, payable at maturity (Note: Assume a Cost of bank loan 365-day year.) a. How much interest (in dollars) will the firm pay on the 30-day loan? b. Find the 30-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 30 days throughout the year under the same terms and circumstances