Gifts Galore Inc. borrowed $$1\mathrm{.}6$ million from National City Bank. The loan was made at a simple annual interest rate of $12\%$ a year for $3$ months. A $25\%$ compensating balance requirement raised the effective interest rate. Do not round intermediate calculations. Round your answers to two decimal places.

The nominal annual rate on the loan was $11\mathrm{.}5\%.$ What is the true effective rate?

$12\mathrm{.}01$

$\%$

What would be the effective cost of the loan if the note required discount interest?

$\%$

What would be the nominal annual interest rate on the loan if the bank did not require a compensating balance but required repayment in three equal monthly installments?

$\%$

Give an answer where there is an empty $\%$ sign