Effective annual interest rate 6.56% 6.40% 20.98% 6.82% 6.36% b. What is your effective annual Interest rate on the lending arrangement if you borrow $1 million Immediately and repay It In one year? Effective annual interest rate 59.97% 359.62% 4.98% 62.37% 58.17% c. What is your effective annual Interest rate if you borrow $110 million Immediately and repay It In one year? Effective annual interest rate 9.95% 11.10% 32.92% 10.35% 9.65%